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OneCard: Mobile-First Credit Card Startup Secures Rs 72 Crore Funding

Mobile-first credit card startup OneCard is successfully raising Rs 72 crore (approximately $7.6 million) in a new funding round spearheaded by Peak XV Partners. This round also sees contributions from existing investor Z47 (previously known as Matrix Partners India), Hummingbird Ventures, and various angel investors. Back in November 2024, the company raised about $28.5 million from Better Tomorrow Ventures, Peak XV (formerly Sequoia Capital), and Z47 (formerly Matrix Partners).

The board at OneCard has approved a special resolution to issue 21,639 compulsory convertible preference shares (CCPS) at an issue price of Rs 33,228.35 each to facilitate the Rs 72 crore raise, based on regulatory filings reviewed by Startup Superb. Peak XV Partners is leading the investment with Rs 30 crore, followed by Z47 with Rs 9.5 crore. Additional funding will be provided by Shalini Warrier, Kakarla Karunamaye, Sumana Mallick, and Ranu Madhivanan, each contributing Rs 5 crore. Sathish Krishnan will invest Rs 3 crore, while Pragnyat Lalwani, Gautam Jain, and Gaurang Shah will each provide Rs 2.5 crore. Hummingbird Ventures is set to participate with an investment of Rs 1.9 crore.

According to estimates by Startup Superb, this latest funding round values OneCard at approximately Rs 12,050 crore (around $1.27 billion), marking a modest increase from its earlier valuation of Rs 11,747 crore.

Founded in 2019 by Anurag Sinha and Rupesh Kumar, OneCard (FPL Technologies) offers a mobile-first credit card solution in partnership with several banks, including IDFC FIRST Bank, Federal Bank, Indian Bank, and SBM Bank. Furthermore, the company operates OneScore, a credit score management application that allows users to track their credit scores, oversee spending, manage credit cards, and convert transactions into EMIs, all through a digital-first experience.

In December 2025, reports emerged that the RBI instructed partner banks to pause onboarding new OneCard customers for a review of data-sharing arrangements. By April 2026, Startup Superb indicated that the fintech firm was in talks with the regulator via its partner banks to relaunch co-branded credit card issuance. However, the company has yet to resume issuing new co-branded cards.

After the allotment (excluding ESOPs), Peak XV Partners will remain the major shareholder with a 22.88% stake. Z47 (formerly Matrix Partners India) is expected to hold a combined 17.66% stake, as per the company’s regulatory filings.

OneCard joined the ranks of unicorns after securing $100 million in 2022 and has since attracted investments from a range of backers including Peak XV Partners, Z47, QED Investors, Hummingbird Ventures, Temasek, and others. The company has yet to submit its financial reports for FY26. In FY25, revenue from operations increased by 32% to Rs 1,878 crore from Rs 1,425.58 crore in FY24, while losses decreased by 25.8% to Rs 297.5 crore, down from Rs 401.15 crore during the same timeframe.

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