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Fintech firm OneCard becomes India’s 104th unicorn after raising $100 Mn from Temasek

OneCard, a fintech firm located in Pune, earned around $100 Mn (roughly Rs 802 Cr) in a new funding round, making it the newest member of the unicorn club. Temasek, the national wealth fund of Singapore, led the fresh investment round, which appears to be the startup’s Series D funding round. Temasek contributed Rs 375 Cr.

According to the startup’s regulatory filings, investors including Sequoia Capital, Ocean View Investment, QED Holdings, Matrix Partners, and Hummingbird participated in the round. In the fundraising round, OneCard distributed 2,68,891 Series D cumulative, non-redeemable mandated and fully convertible preference shares and 10 equity shares to the investors. After the current fundraising round, OneCard is valued at around $1.25 billion.

The investment round comes six months after OneCard raised $75 Mn in its Series C round from an existing investor, QED Investors, at an estimated valuation of $750 Mn. The financing also included Sequoia, Matrix Partners, and Hummingbird Ventures. Last year, the business secured $35 Mn in its Series B financing.

Over 2.5 lakh cards have already been sent out to clients by the business. OneCard reported a total income of Rs 16.3 Cr for FY21, of which Rs 10.7 Cr was generated via sales. Slice, Karbon Card, Uni Card, and Kodo Card are some of the rivals of OneCard.

About OneCard:

OneCard was founded in 2018 by Anurag Sinha, Rupesh Kumar, and Vaibhav Hathi and the first mobile metal card was introduced in 2020. In collaboration with banks like IDFC Bank, South Indian Bank, Federal Bank, Bank of Baroda Financial, and SMB Bank, the start-up provides Visa credit cards. Along with cards, the startup also provides OneScore, a no-spam, digital credit scoring platform that allows users to check their credit scores for free.

OneCard seems to be promoting new financial services platforms. Congratulations on your startup. May this new business bring you huge success and fulfillment.

Shishir Gupta, Founder and CEO, StartupLanes

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