OneCard’s FY24 Revenue Surges 2.6X To INR 1,425 Cr

Peak XV Partners-backed fintech unicorn OneCard’s operating revenue zoomed 163% to INR 1,425.58 Cr in the financial year 2023-24 (FY24) from INR 541.16 Cr in the previous fiscal year.

Despite the sharp rise in revenue from operations, the startup saw only a minor improvement in its bottom line. OneCard incurred a net loss of INR 401.15 Cr in FY24, down 1.1% from INR 405.66 Cr in the previous fiscal year. 

Including other income of INR 39.19 Cr, the startup’s total revenue for the fiscal stood at INR 1,464.77 Cr.

Founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi in 2018, OneCard offers a cobranded credit card in partnership with banks such as Federal Bank, IDFC First Bank, Indian Bank, among others.

It has raised over $111 Mn from investors like Peak XV, QED Holdings and Hummingbird VC, among others. It entered the unicorn club in July 2022 after raising $100 Mn from Temasek. 

Currently, OneCard is in the process of raising a fresh round of funding from Better Tomorrow Ventures (BTV), Peak XV, and Z47 (erstwhile Matrix Partners). In November, OneCard secured INR 71.4 Cr ($8.5 Mn) as part of its larger funding round via which it aims to raise INR 239.4 Cr ($28.4 Mn). 

Where Did OneCard Spend In FY24?

The startup’s expenses also surged during the fiscal year as its top line grew. OneCard spent INR 1,865.92 Cr in FY24, up about 87% from INR 999.51 Cr in the previous fiscal. 

Miscellaneous Expenses: This was the biggest expense head for OneCard, and saw a 153% increase to INR 1,105.10 Cr from INR 436.20 Cr in FY23. However, the startup didn’t give a breakup of the expenses in its filing with the corporate affairs ministry.

Promotional Expenses: OneCard spent INR 487.90 Cr on advertising and promotional expenses  in FY24, up 51% from INR 323.83 Cr in the previous fiscal.

Employee Benefit Expenses: OneCard spent INR 143.65 Cr on its employees in FY24, up 10% from INR 130.83 Cr it spent last year.