OneCard, a mobile-first credit card startup, advanced significantly, nearing the Rs 2,000 crore revenue mark, with total revenue surpassing Rs 1,900 crore in the fiscal year ending March 31, 2025. The company also managed to lower its losses during this period. OneCard’s operating revenue rose by 32% to Rs 1,878 crore in FY25, up from Rs 1,425.5 crore in FY24, as per its financial statement acquired from the Registrar of Companies (RoC). Established in 2019, OneCard (FPL Technologies) offers co-branded credit cards mainly targeted at first-time users, through collaborations with IDFC First Bank, Federal Bank, and SBM Bank. It also operates OneScore, an application designed for tracking credit scores and managing credit. Revenue generated from these services constituted the primary income source for the company.
Despite its impressive growth, OneCard continued to record losses, albeit at a reduced rate. The company incurred a loss of Rs 297.5 crore in FY25, reflecting a 26% decrease from the Rs 401 crore loss reported in FY24. On the cost front, OneCard’s total expenses increased by 18% to Rs 2,206 crore in FY25 compared to Rs 1,866 crore in FY24. However, the company did not provide a detailed breakdown of its expenses, with 73% of the total expenditures categorised as miscellaneous expenses.
Advertising and promotional expenses saw a substantial reduction of nearly 40%, dropping to Rs 294 crore in FY25, down from Rs 488 crore in FY24. Employee benefit costs rose by 26% to Rs 181.5 crore, while IT expenses went up by 14% to Rs 67 crore. Finance costs nearly doubled to Rs 18 crore in this fiscal year.
With revenue growth outpacing expenses, OneCard’s losses shrank by 26%, with the total loss standing at Rs 297.5 crore in FY25 compared to Rs 401 crore in FY24. The company’s ROCE and EBITDA margin were recorded at -41.03% and -15.71% respectively. Based on unit metrics, OneCard expended Rs 1.17 to generate every Re 1 of operating revenue during FY25, improving from Rs 1.31 in FY24. The company held cash and bank balances amounting to Rs 321 crore by the close of FY25, down from Rs 447.5 crore a year prior. Its current assets were reported at Rs 907 crore during the same timeframe.
As reported by various sources, OneCard has successfully raised over $270 million to date. Currently, the company is seeking to secure Rs 40 crore (around $4.5 million) in debt funding from its existing investor, Alteria Capital. Recently, OneCard attracted attention from the Reserve Bank of India (RBI), with the regulator allegedly instructing its partner banks to cease the issuance of co-branded credit cards. The RBI is reportedly demanding clearer insights into the data-sharing practices between OneCard and its banking partners.
