OneCard, a Fintech startup, raises $76mn in funding.
- ByStartupStory | December 31, 2021
OneCard, the mobile first credit card company has raised $75 million in a funding round led by QED Fund. Previously, the fintech company had raised $35 million from Sequoia and QED Fund in a Series B funding round. Regulatory reports show that FPL Technologies, parent of OneCard, has allowed the sale of 238 equity shares and 3,26,663 preference shares at an issue price of Rs 17,285.3 per share and raised Rs 565.05 cr or $75million.
The round was led by QED Fund with Rs 207.3 crore and followed by INVOPPS FT21 LLC, Ocean View Investment and Sarv Investments which have put in Rs 191.8 crore, Rs 75.3 crore and Rs 60.23 crore respectively. Investment of Rs 13.55 crore each was put forward by Sequoia and Matrix and Hummingbird had put in Rs 3.01 crore. Founders, Vaibhav Hathi, Rupesh Kumar and Anurag Sinha’s equity shares have come down to 32.61%
Operating in 12 cities, including Mumbai, Delhi NCR and Bangalore, the company offers mobile first time credit card users a virtual card to build a credit score. They also offer EMI facilities for Rs 3,000 and above purchases at an interest rate of 1.33% with a repayment tenure of 3-24 months.
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