OneCard, the Bengaluru-based mobile-first credit card startup and fintech unicorn, is raising ₹40 crore (about $4.5 million) in debt funding from existing investor Alteria Capital as it strengthens its financial position and scales operations. Entrackr
💳 What the Debt Raise Means
The debt funding will be raised through the issuance of non-convertible debentures (NCDs) with a three-year tenure and an interest rate of 13.85 % per annum, according to filings with the Registrar of Companies.
OneCard’s board has approved issuing 4,000 NCDs at a face value of ₹1 lakh each to secure the funding, which will help the company bolster its credit card and related fintech services.
📈 Backed by Strong Growth
OneCard has seen rapid growth since its founding in 2019, offering co-branded credit cards targeted at first-time and young users through partnerships with banks including IDFC First Bank, Federal Bank, and SBM Bank. The company also operates OneScore, a credit score tracking and management app.
In its most recent fiscal year of record (FY24), OneCard reported strong revenue growth, with operating revenue rising more than 2.6× year-on-year to ₹1,426 crore, although losses widened to ₹401 crore during the period.
Overall, OneCard has raised more than $270 million in funding to date, including equity rounds that gave it unicorn status at around $1.4 billion post-money valuation.
📍 Strategic Context and RBI Scrutiny
The debt raise comes at a time when OneCard is under regulatory scrutiny from the Reserve Bank of India (RBI), which reportedly asked its partner banks to halt the issuance of new co-branded credit cards while it seeks clarity on data-sharing practices between the fintech and banks.
Despite this, the additional capital is expected to strengthen OneCard’s balance sheet and support ongoing product and market development as the company navigates regulatory challenges.
