OneCard raised $75 million in a new funding round

OneCard, a mobile-first credit card company, has raised $75 million in a new round led by existing investor QED Fund. In 2021, the Pune-based company raised $35 million in two tranches in its Series B round led by Sequoia and QED Fund.

According to regulatory filings, OneCard’s parent company, FPL Technologies, has approved the allotment of 238 equity shares and 3,26,663 Series C preference shares at an issue price of Rs 17,285.3 per share in order to raise Rs 565.05 crore or $75 million.

QED Fund led the round with Rs 207.3 crore, followed by INVOPPS FT21 LLC, Sarv Investments, and Ocean View Investment, who each contributed Rs 191.8 crore, Rs 75.3 crore, and Rs 60.23 crore. Sequoia and Matrix each put in Rs 13.55 crore, while Hummingbird put in Rs 3.01 crore.

OneCard has raised a new round of funding at a post-money valuation of $722 million. This represents a fourfold increase in OneCard’s valuation, which was around $183 million in its second tranche of the Series B round in April of this year.

Following the issuance of new shares, the collective equity of OneCard’s founders – Vaibhav Hathi, Anurag Sinha, and Rupesh Kumar – has been reduced to 32.61 percent.

OneCard provides first-time credit card users with a virtual, cellphone-based card to help them build their credit score. It also offers an EMI facility for purchases of Rs 3,000 and above, with an interest rate of 1.33 percent and a repayment period of 3-24 months.

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