Venture debt fund Alteria Capital has injected INR 120 Crore ($14.4 Mn) into FPL Technologies, the parent company of fintech unicorn OneCard. This funding infusion comes hot on the heels of OneCard recently securing INR 95 Crore ($11.44 Mn) in debt capital from Alteria Capital. The new investment underscores the commitment to propel OneCard’s evolution within the dynamic fintech landscape.
Accelerating Innovation and Enhancing Customer Experience
OneCard, the fintech disruptor co-founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi in 2018, plans to leverage the fresh capital to advance its customer experience initiatives. This includes the development of innovative products, integration of additional features, and the provision of personalized solutions. The partnership with Alteria Capital is expected to expedite these initiatives, empowering OneCard to reach new heights in the evolving credit card landscape.
Venture Debt’s Role in Fintech Growth
Alteria Capital’s recent investment signifies the evolving role of venture debt in the Indian market. The fund, with a diverse portfolio including Rebel Foods, Spinny, Mensa Brands, and Zepto, recognizes the strategic utility of debt capital for startups across various sectors and growth stages. The focus on utilizing debt for targeted end uses, fostering growth in the medium term, aligns with the dynamics of later-stage startups.
OneCard’s Fintech Ecosystem Presence
OneCard has emerged as a key player in the fintech space, offering a co-branded credit card in collaboration with banks such as Federal Bank and Bank of Baroda Financial. The platform extends beyond traditional credit card services, providing offerings like credit score checks and an expense management application. OneCard’s user-friendly app integrates diverse credit card functionalities, streamlining digital banking experiences.
Unicorn Status and Competitive Landscape
Having entered the unicorn club in July 2022 after securing $100 Mn from Temasek, OneCard competes in the fintech arena with players like Slice, Karbon Card, Uni Card, and Kodo Card. The recent 6X surge in operating revenue for the financial year ending March 31, 2023, indicates OneCard’s substantial growth trajectory. Despite a notable increase in net loss during the same period, the fintech disruptor remains focused on innovation and customer-centric solutions.
