Updated January 16th, 2024 at 16:33 IST
Alteria Capital injects $14.4 million into fintech unicorn OneCard’s parent company
OneCard, having secured support from investors like Peak XV Partners, QED Holdings, and Hummingbird, achieved unicorn status in July 2022.
OneCard funding: Alteria Capital, a prominent venture debt fund, has made a strategic investment of Rs 120 crore ($14.4 million) in FPL Technologies, the parent company of fintech unicorn OneCard. This funding comes on the heels of OneCard's recent debt capital infusion of Rs 95 crore ($11.44 million) from Alteria Capital. The additional funds are earmarked to bolster OneCard's customer experience, fuel the development of new products, and facilitate the delivery of personalised solutions.
Anurag Sinha, the founder of OneCard, expressed optimism about the partnership with Alteria, stating that it will catalyse the company's initiatives and contribute to its expansion in the competitive credit card market. Alteria Capital's investment underscores the growing significance of venture debt in supporting startups across various growth stages and industries.
Established in 2018 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, OneCard collaborates with leading banks such as Federal Bank and Bank of Baroda Financial to offer co-branded credit cards. The platform extends its services to include credit score checks and an expense management application, simplifying digital banking for its users.
OneCard, having secured support from investors like Peak XV Partners, QED Holdings, and Hummingbird, achieved unicorn status in July 2022 after securing a substantial $100 million from Temasek. The competitive landscape sees OneCard in contention with companies like Slice, Karbon Card, Uni Card, and Kodo Card.
Despite a noteworthy 6X surge in operating revenue to Rs 541.1 crore in FY23 from Rs 83.7 crore in the previous fiscal year, OneCard reported a substantial increase in net loss. The company's net loss surged by 122 per cent to Rs 405.6 crore in FY23 compared to Rs 182.7 crore in FY22. This financial landscape underscores the challenges and opportunities in the dynamic fintech sector.
Published January 16th, 2024 at 16:33 IST