- OneCard, a mobile-first credit card startup, witnessed a substantial surge in revenue during FY23, with its revenue from operations growing 6.4 times to reach Rs 541 crore, up from Rs 83.7 crore in FY22.
- OneCard collaborates with banks like IDFC First Bank, Federal Bank, and SBM Bank to offer co-branded digital credit cards. The company also provides value-added services, including credit score tracking and the OneScore credit management app.
- Advertising and promotional expenses accounted for a significant portion of the company’s total expenses, making up 32.4%. These expenses increased 2.6 times to Rs 324 crore in FY23, compared to Rs 124 crore in FY22.
- Employee benefit costs surged threefold to reach Rs 131 crore in FY23, which includes a non-cash ESOP cost of Rs 45 crore.
- Despite robust revenue growth, OneCard reported increased expenses, leading to losses of Rs 406 crore in FY23, marking a 2.23 times increase from the previous fiscal year.
- OneCard has raised a total of $425 million and is currently valued at $1.3 billion. The largest stakeholder is PeakXV with a 23.27% stake. The company’s co-founders collectively hold around 30% of the company. OneCard is planning to raise an additional $100 million in a new funding round without an expected increase in valuation