According to filings made with the ministry of corporate affairs, the company will be valued at $1.1 billion post the funding, which is slightly lower than the $1.4 billion valuation it had achieved in 2022.
As part of the fundraising, Rs 71.4 crore has already been secured by the company, with the rest to be invested over future tranches, the company mentioned in its filings. While Better Tomorrow Ventures has pumped in Rs 42 crore, Peak XV has already invested Rs 8.4 crore and Z47 around Rs 21 crore.
Till date, One Card has raised $234 million from multiple large investors with Z47, Peak XV Partners and QED Investors having significant shareholding in the company.
Founded by ex-ICICI Bank senior executives Anurag Sinha, Vibhav Hathi and Rupesh Kumar, One Card offers co branded credit cards with multiple banks like Federal Bank, Bank of Baroda, South Indian Bank, CSB and others. The startup offers metal cards with premium features and runs a mobile application which helps customers track their spends and expenditure.
ET had reported on August 15, 2023, that One Card was trying to acquire a non-banking finance company but its application was ‘returned’ by the Reserve Bank of India.
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According to data sourced from Tracxn, One Card reported a total revenue of Rs 593 crore in financial year 2023, its latest financials available in the public domain. Its losses shot up to Rs 405.7 crore as well. Between FY 2022 and 2023, its revenue shot up almost six times, but losses more-than-doubled as well.