Following $100 million in investment, OneCard becomes India’s 104th unicorn

OneCard, a mobile-first credit card company, raised $100 million in a series D round of funding backed by Temasek, making it the 104th unicorn in India. India has created more than 20 financial unicorns so far in 2022, including OneCard, Open, Oxyzo, and Yubi (formerly CredAvenue). Existing investors including QED, Sequoia Capital, and Hummigbird Ventures also made investments in OneCard‘s most recent round, which is owned by FPL Technologies of Pune.

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KEY POINTS:

• According to Mohit Bhandari, managing director, investment (India), of Temasek, OneCard is not affected by the PPI guidelines because it was not a PPI issuer and like some of the other businesses, which now have to restructure their business models.
• Onecard offers technological solutions to banks. The banks issue legitimate credit cards. Of course, OneCard participates in that as a provider of technological solutions.
• As part of its Series C fundraising, FPL Technologies earlier this year received $75 million. Existing investors QED Investors, Janchor Partners, Sequoia Capital India, Matrix Partners, and others helped to raise the round.
• Rupesh Kumar, Vibhav Hathi, and Anurag Sinha launched the business in 2015. The trio has experience in banking.
• India will have 122 new unicorns in the next two to four years, predicts the ASK Private Wealth Hurun India Future Unicorn Index 2022.

Important Takeaways For All Competitive Exams:

• Managing director, investment (India), of Temasek, OneCard: Mohit Bhandari

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