Alteria Capital Invests $14.4 Million in OneCard's Parent Firm
Alteria Capital, a venture debt fund, has infused Rs 120 crore ($14.4 million) into FPL Technologies, the parent company of fintech unicorn OneCard. This investment comes on the heels of OneCard securing debt capital amounting to Rs 95 crore ($11.44 million) from Alteria Capital. The allocated funds will be utilized by OneCard to elevate its customer experience, innovate new products, and provide personalized solutions.
According to Anurag Sinha, the founder of OneCard, the collaboration with Alteria will expedite the company's initiatives and contribute to its expansion in the competitive credit card market. Alteria's investment underscores the growing significance of venture debt in supporting startups across various growth stages and sectors. Established in 2018 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, OneCard partners with banks like Federal Bank and Bank of Baroda Financial to provide co-branded credit cards. The platform also offers credit score checks and an expense management application, simplifying digital banking for users.
OneCard has received backing from investors such as Peak XV Partners, QED Holdings, and Hummingbird, achieving unicorn status in July 2022 after securing $100 million from Temasek. In a competitive landscape that includes companies like Slice, Karbon Card, Uni Card, and Kodo Card, OneCard reported a 6X increase in operating revenue to Rs 541.1 crore in FY23 from Rs 83.7 crore in the previous fiscal year. However, the company also faced a significant rise in net loss, which surged by 122% to Rs 405.6 crore in FY23 compared to Rs 182.7 crore in FY22.
According to Anurag Sinha, the founder of OneCard, the collaboration with Alteria will expedite the company's initiatives and contribute to its expansion in the competitive credit card market. Alteria's investment underscores the growing significance of venture debt in supporting startups across various growth stages and sectors. Established in 2018 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, OneCard partners with banks like Federal Bank and Bank of Baroda Financial to provide co-branded credit cards. The platform also offers credit score checks and an expense management application, simplifying digital banking for users.
OneCard has received backing from investors such as Peak XV Partners, QED Holdings, and Hummingbird, achieving unicorn status in July 2022 after securing $100 million from Temasek. In a competitive landscape that includes companies like Slice, Karbon Card, Uni Card, and Kodo Card, OneCard reported a 6X increase in operating revenue to Rs 541.1 crore in FY23 from Rs 83.7 crore in the previous fiscal year. However, the company also faced a significant rise in net loss, which surged by 122% to Rs 405.6 crore in FY23 compared to Rs 182.7 crore in FY22.
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