OneCard joins unicorn club after raising $100M in Series D funding

In a filing with the MCA, OneCard said it has raised a round from Singapore-based investment company, Temasek.

OneCard joins unicorn club after raising $100M in Series D funding

Thursday July 14, 2022,

2 min Read

FPL Technologies-owned OneCard, a fintech startup that offers credit cards, has raised $100 million in its latest Series D round, as per its filings with the regulator.

The $100 million fundraise values the startup at over $1.4 billion, according to TechCrunch, which cited a source familiar with the matter, making it the latest entrant to the unicorn club.

Singapore-based Temasek led the round, while existing investors QED, Sequoia Capital, and Hummingbird Ventures also participated in the round.

OneCard did not immediately respond to YourStory's request for comment.

The fundraise comes against the backdrop of the crackdown by the Reserve Bank of India on non-banks extending credit lines via PPI instruments such as digital wallets or stored-value cards.

OneCard has not been affected by the central bank directive since it already issues co-branded cards with banks including IDFC First, Federal Bank, SBM Bank, and others.

Founded in 2019 by Rupesh Kumar, Anurag Sinha, and Vibhav Hathi, who have spent over a decade at ICICI Bank -- FPL Technologies is a fintech firm operating in the digital and physical credit cards, called OneCard, and credit score-checking product called OneScore.

In December 2021, OneCard raised close to $76 million from  Delaware-based QED Fund, and Singapore-based Ocean View Investment.

The new round brings its total funding to $225 million-plus.

FPL Technologies' OneCard currently offers services in 12 cities across India including Mumbai, Bengaluru, Delhi, and NCR.