Peak XV-Backed OneCard Secures INR 95 Cr Debt

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Fintech unicorn OneCard has secured INR 95 Cr ($11.44 Mn) in debt capital from venture debt fund Alteria Capital.

The board at OneCard has passed a special resolution to issue 9,500 non-convertible debentures (Series B Debentures) with a face value of INR 1,00,000, for raising INR 95 Cr, as per regulatory filings.

The company plans to deploy the fresh capital for business operations.

According to the securities subscription agreement, the debentures have a tenure of 30 months and are entitled to an annual interest rate of 13.85%.

Founded by Anurag Sinha, Rupesh Kumar and Vibhav Hathi in 2018, OneCard offers a co-branded credit card in partnership with banks such as Federal Bank and Bank of Baroda Financial, among others. The platform also offers credit card-related services such as credit score check and an expense management application.

It counts Peak XV Partners, QED Holdings and Hummingbird as among its marquee backers. The startup entered unicorn club in July 2022 after bagging $100 Mn from Temasek.

OneCard competes with the likes of Slice, Karbon Card, Uni Card and Kodo Card, among others.

The startup reported a 6X increase in its operating revenue in the financial year ended March 31, 2023. The credit card issuer’s operating revenue surged to INR 541.1 Cr in the financial year 2022-23 (FY23) from INR 83.7 Cr in the previous fiscal year.

OneCard’s loss more than doubled during the year under review. It reported a net loss of INR 405.6 Cr in FY23, an increase of 122% from INR 182.7 Cr in FY22.

Last year, the startup reportedly applied for a NBFC (non-banking finance company) license. With the NBFC licence, it would be easy for OneCard to expand its portfolio in the personal loan segment.

The post Peak XV-Backed OneCard Secures INR 95 Cr Debt appeared first on Inc42 Media.

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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Peak XV-Backed OneCard Secures INR 95 Cr Debt

Fintech unicorn OneCard has secured INR 95 Cr ($11.44 Mn) in debt capital from venture debt fund Alteria Capital.

The board at OneCard has passed a special resolution to issue 9,500 non-convertible debentures (Series B Debentures) with a face value of INR 1,00,000, for raising INR 95 Cr, as per regulatory filings.

The company plans to deploy the fresh capital for business operations.

According to the securities subscription agreement, the debentures have a tenure of 30 months and are entitled to an annual interest rate of 13.85%.

Founded by Anurag Sinha, Rupesh Kumar and Vibhav Hathi in 2018, OneCard offers a co-branded credit card in partnership with banks such as Federal Bank and Bank of Baroda Financial, among others. The platform also offers credit card-related services such as credit score check and an expense management application.

It counts Peak XV Partners, QED Holdings and Hummingbird as among its marquee backers. The startup entered unicorn club in July 2022 after bagging $100 Mn from Temasek.

OneCard competes with the likes of Slice, Karbon Card, Uni Card and Kodo Card, among others.

The startup reported a 6X increase in its operating revenue in the financial year ended March 31, 2023. The credit card issuer’s operating revenue surged to INR 541.1 Cr in the financial year 2022-23 (FY23) from INR 83.7 Cr in the previous fiscal year.

OneCard’s loss more than doubled during the year under review. It reported a net loss of INR 405.6 Cr in FY23, an increase of 122% from INR 182.7 Cr in FY22.

Last year, the startup reportedly applied for a NBFC (non-banking finance company) license. With the NBFC licence, it would be easy for OneCard to expand its portfolio in the personal loan segment.

The post Peak XV-Backed OneCard Secures INR 95 Cr Debt appeared first on Inc42 Media.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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