OneCard, a mobile-first credit card startup, is financing Rs 239.4 crore ($28.5 million) from Better Tomorrow Ventures, Peak XV (formerly Sequoia Capital), and Z47 (formerly Matrix Partners). The Pune-based company received loan capital in January of this year, but this is its first equity investment in 2024.

The board of OneCard has authorized a special resolution to issue 72,048 cumulative preference shares at an issue price of Rs 33,228.3 per share, raising Rs 239.4 crore or $28.5 million, according to a regulatory document obtained from the Registrar of Companies (RoC).

According to the documents, the company has already raised Rs 71.4 crore from Better Tomorrow Ventures, Peak XV Partners, and Matrix Ventures as part of the aforementioned fundraising. The breakdown includes Rs 42 crore from Better Tomorrow Ventures, Rs 8.4 crore from Peak XV, and Rs 21 crore from Matrix Ventures. OneCard expects to receive the remaining Rs 168 crore in one or more tranches.

According to the startup data analytics platform TheKredible, OneCard is worth around Rs 11,747 crore, or $1.4 billion, post-allotment. In September 2023, Entrackr exclusively reported that the Bengaluru-based startup was looking for $100 million with a flat valuation.

OneCard (FPL Technologies) provides co-branded credit cards to mostly first-time customers through institutions such as IDFC First Bank, Federal Bank, and SBM Bank. It offers a credit score tracking and management tool called OneScore. In September 2023, the company announced a partnership with Indian Bank to provide consumers with complete digital control over their credit card interactions, including real-time transaction tracking, expenditure management, and EMI conversion, among others.

On the income front, OneCard achieved over six-fold year-on-year increase in FY23, with operational revenue rising to Rs 593 crore from Rs 97.8 crore in FY22. At the same time, its losses increased 2.2 times to Rs 405.6 crore in FY23. It has yet to file its fiscal year 24 results.

OneCard became a unicorn after raising USD 100 million in July 2022. It has raised about $350 million to date. According to TheKredible, Peak XV and Z47 own 40% of the company.