Team StartupCity

• OneCard to raise Rs 40 crore in debt from existing investor Alteria Capital
• Board approves 4,000 NCDs with a 13.85 percent annual interest rate
• Funding comes as RBI examines OneCard’s co-branded credit card operations

Mobile-first credit card startup OneCard is set to raise Rs 40 crore in debt funding from its long-time backer Alteria Capital, marking the fintech’s latest capital move as it navigates regulatory scrutiny. The funding follows its $28.5 million equity round in December, which pushed its valuation to $1.4 billion, according to earlier filings.

As per documents filed with the Registrar of Companies, OneCard’s board has approved issuing 4,000 non-convertible debentures (NCDs) at a face value of Rs 1 lakh each. The debentures carry a 13.85 percent annual interest rate and have a three-year tenure.

Founded in 2019, OneCard (FPL Technologies) offers digital, Co-branded credit cards aimed at first-time and young users through partnerships with IDFC First Bank, Federal Bank, and SBM Bank. The company also operates OneScore, a credit score tracking and management app used widely across India.

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To date, the fintech unicorn has raised over $270 million, including a major $100 million round in 2022 that catapulted it into unicorn status. On the business front, OneCard posted strong growth in FY24, with revenue surging 2.6X year-on-year to Rs 1,426 crore, though losses widened to Rs 401 crore. FY25 numbers are yet to be released.

Recently, the Reserve Bank of India reportedly asked OneCard’s partner banks to pause new co-branded card issuances, seeking clarity on data-sharing practices between the fintech and its banking partners. The company has not commented publicly on the matter.