Venture debt fund Alteria Capital has invested INR 120 crore ($14.4 million) in FPL Technologies, the parent company of fintech unicorn OneCard. This investment follows OneCard’s recent debt capital infusion of INR 95 crore ($11.44 million) from Alteria Capital. OneCard plans to use the funds to enhance its customer experience, develop new products, and offer personalized solutions.
According to OneCard’s founder Anurag Sinha, the partnership with Alteria will accelerate the company’s initiatives and contribute to its growth in the competitive credit card market. Alteria’s investment reflects the increasing role of venture debt in supporting startups at various growth stages and across different sectors.
Founded in 2018 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, OneCard collaborates with banks like Federal Bank and Bank of Baroda Financial to offer co-branded credit cards. The platform also provides credit score checks and an expense management application, simplifying digital banking for its users.
OneCard has gained support from investors like Peak XV Partners, QED Holdings, and Hummingbird, entering the unicorn club in July 2022 after securing $100 million from Temasek. In its competitive landscape, OneCard competes with companies like Slice, Karbon Card, Uni Card, and Kodo Card.
Despite reporting a 6X increase in operating revenue to INR 541.1 crore in FY23 from INR 83.7 crore in the previous fiscal year, OneCard also experienced a substantial rise in net loss. The company’s net loss surged by 122% to INR 405.6 crore in FY23 compared to INR 182.7 crore in FY22.
