OneCard, a mobile-first credit card startup, has raised $28.5 million from Better Tomorrow Ventures, Peak XV, and Z47. This is the first equity investment for the Pune-based company since 2024, but it received debt funding in January this year.

This has passed a special resolution to issue 72,048 cumulatively preferred shares at an issue price of Rs. 33,228.3 per share in order to raise Rs. 239.4 crore or $28.5 million, according to its regulatory filing.

As per the filings, the company has already secured a sum of Rs. 71.4 crore from Better Tomorrow Ventures, Peak XV Partners, and Matrix Ventures as a result of the aforementioned fundraising. The total amount includes 42 crores from Better Tomorrow Ventures, 8.4 crore from Peak XV, and 21 crores from Matrix Ventures. It is expected that the remaining Rs 168 crore will be received by OneCard in one or more tranches.

According to the startup data intelligence platform TheKredible, one card has been valued at around Rs. 11,747 crore or $1.4 billion post-allotment. Entrackr exclusively reported in September of 2023 that the Bengaluru-based company was seeking a sum of $100 million at a flat valuation.

OneCard managed to achieve six-fold year-on-year growth in FY23, as its operating revenue soared to Rs. 593 crore in FY23 from Rs 97.8 crore in FY22. Simultaneously, its losses also increased by 2.2 times to Rs 405.6 crore in the FY23. It is yet to submit its annual results for the FY24.