Alteria Capital Injects $14.4 Million Into Fintech Unicorn OneCard's Parent Company

Alteria Capital, a venture debt fund with a notable portfolio including Rebel Foods, Spinny, Mensa Brands, and Zepto, has invested INR 120 Crores ($14.4 million) into FPL Technologies, the parent entity of fintech unicorn OneCard.


This injection of funds follows closely on the heels of OneCard securing INR 95 Crores ($11.44 million) in debt capital from Alteria Capital just two weeks ago.


OneCard will utilize the newly acquired capital to enhance the customer experience by developing innovative products, integrating additional features, and providing personalized solutions.


Anurag Sinha, the founder of OneCard, stated that the partnership with Alteria will expedite these initiatives, allowing the company to achieve new milestones in the evolving landscape of credit cards.


Alteria Capital’s recent investment highlights the changing dynamics of venture debt in the Indian market, focusing on supporting startups across various sectors and growth stages.


The statement emphasized that late-stage startups find value in utilizing debt for specific purposes, enabling sustained growth in the medium term.


Founded in 2018 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, OneCard collaborates with banks such as Federal Bank and Bank of Baroda Financial to offer a co-branded credit card.


The platform extends its services beyond credit cards, providing features like credit score checks and an expense management application.


OneCard simplifies digital banking through its app, consolidating credit card functions such as transactions, rewards, offers, credit on UPI, EMIs, and monthly spending budgets.


The startup has garnered support from prominent backers like Peak XV Partners, QED Holdings, and Hummingbird.


Achieving unicorn status in July 2022 after securing $100 million from Temasek, OneCard competes with other players in the market, including Slice, Karbon Card, Uni Card, and Kodo Card.


In the financial year ending March 31, 2023, OneCard reported a remarkable 6X increase in operating revenue.


The credit card issuer’s operating income surged from INR 83.7 Crores in the previous fiscal year to INR 541.1 Crores in FY23.


However, during FY2023, OneCard also experienced a substantial increase in net loss, more than doubling compared to the previous year. 


The company recorded a net loss of INR 405.6 Crores in FY23, marking a significant surge of 122% from the INR 182.7 Crores reported in FY22.


As OneCard continues to navigate the dynamic fintech landscape, the recent funding from Alteria Capital is expected to fortify its position in the competitive market and drive further innovations in digital finance.