Fintech unicorn OneCard, backed by investors like Peak XV Partners, QED Holdings, and Hummingbird, has successfully secured INR 95 Cr ($11.44 Mn) in debt capital from venture debt fund Alteria Capital. The board at OneCard passed a special resolution, approving the issuance of 9,500 non-convertible debentures (Series B Debentures) with a face value of INR 1,00,000, as indicated by regulatory filings.
The infusion of funds comes as part of OneCard’s strategic efforts to strengthen its financial position and support its ongoing business operations. According to the securities subscription agreement, the debentures have a tenure of 30 months and carry an annual interest rate of 13.85%.
Founded in 2018 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, OneCard has distinguished itself by offering a co-branded credit card in collaboration with prominent banks such as Federal Bank and Bank of Baroda Financial. The platform also provides credit card-related services, including credit score checks and an expense management application.
Competing with notable players like Slice, Karbon Card, Uni Card, and Kodo Card, OneCard achieved unicorn status in July 2022 after securing $100 Mn from Temasek.
In the financial year ending March 31, 2023, OneCard witnessed a remarkable 6X increase in operating revenue, surging from INR 83.7 Cr in the previous fiscal year to INR 541.1 Cr in FY23. However, the company also reported a net loss of INR 405.6 Cr in FY23, marking a 122% increase from INR 182.7 Cr in FY22.
As part of its strategic growth plan, OneCard applied for a non-banking finance company (NBFC) license last year. The potential NBFC license is expected to facilitate the expansion of OneCard’s portfolio, particularly in the personal loan segment.
