Fintech startup OneCard becomes India’s 104th unicorn post $100 mn funding
Fintech firm OneCard has become the latest entrant to the unicorn club after it raised about $100 Mn (about INR 802 Cr) in a fresh funding round. The new Series D funding round was led by Singapore’s sovereign fund Temasek, which invested INR 375 cr [about $46.9 million]. QED Holdings, Matrix Partners and Hummingbird also participated in the round.
OneCard’s valuation post the new funding round is around $1.25 Bn as reported by Inc42, making it India's 104th unicorn.
The latest funding comes six months after OneCard raised $75 Mn in its Series C round from QED Investors at a valuation of $750 Mn. The round also saw participation from Sequoia, Matrix Partners, and Hummingbird Ventures. The Pune-based startup also secured $35 Mn in its Series B round last year.
OneCard was founded in 2018 by Anurag Sinha, Rupesh Kumar and Vaibhav Hathi. It offers Visa credit cards in partnership with banks such as IDFC Bank, South Indian Bank, Federal Bank, Bank of Baroda Financial, and SMB Bank. Apart from offering cards to its customers, the startup also offers OneScore – a no-spam, digital credit score platform offering free credit score checks.
India has produced 22 fintech unicorns so far, of which four, including OneCard, has joined the coveted club in 2022 itself. Earlier this year, Open, Oxyzo, and Yubi (earlier CredAvenue) raised funds at a valuation of over $1 Bn.