Fintech unicorn OneCard, supported by Temasek, has reported a remarkable 6.5X increase in operating revenue during FY23. However, the company’s losses expanded significantly by 122%, reaching Rs 405.6 crore, up from Rs 183 crore in the previous fiscal year. The company’s filings with the Ministry of Corporate Affairs reveal substantial growth in revenue from operations, soaring from Rs 83 crore to Rs 541 crore in FY23.
In its fourth operational year, the Pune-based digital credit card provider experienced a 257% rise in expenses, primarily driven by employee benefit costs and other expenditures, including marketing and promotional expenses and card issuance costs. Employee benefit costs surged from Rs 43 crore in FY22 to Rs 130 crore in FY23, while other expenses increased by 267%. OneCard had a negative operating cash flow of Rs 571 crore, a notable increase from Rs 308 crore in FY22.
Founded in 2019 by Vibhav Hathi, Anurag Sinha, and Rupesh Kumar, OneCard (FPL Technologies) collaborates with banks such as IDFC First Bank, Federal Bank, and SBM Bank to offer co-branded credit cards to customers. They also provide value-added services like credit score tracking and the credit management app OneScore. The company competes with players like Slice, backed by Tiger Global, and Uni in offering co-branded credit cards to a younger audience. OneCard achieved unicorn status in the previous year, securing $100 million in a Series D funding round led by Temasek, valuing the company at $1.32 billion.
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Besides Temasek, OneCard counts Peak XV Partners (formerly Sequoia), Matrix Partners India, QED Holdings, Hummingbird Ventures, MacRitchie Investments, Ocean View, and various angel investors among its backers.
