Metal card startup OneCard raising $28 million in new funding round

26 Nov 2024, 06:43 PM

The company has already secured $8.5 million (Rs 71.4 crore) with the rest to come in one or more tranches.

Team Head&Tale

Fintech startup OneCard is raising $28 million (Rs 240 crore) in funding from US-based Better Tomorrow Ventures, Peak XV and Z47 (formerly Matrix Partners).

The company has already secured $8.5 million (Rs 71.4 crore) with the rest to come in one or more tranches, Entrackr reported. 

Better Tomorrow has invested Rs 42 crore, Peak XV (Rs 8.4 crore) and Z47 (Rs 20.9 crore). The fresh capital will be used for business operations, OneCard's regulatory filings showed.

The company is issuing 72,048 Series D2 CCPS at a face value of Rs 30 and a premium of Rs 33,198.35, according to the filings made with Ministry of Corporate Affairs.

Earlier this year, the fintech raised $11.44 million (Rs 95 crore) in debt from Alteria Capital. 

Founded by Anurag Sinha, Rupesh Kumar and Vibhav Hathi in 2019, OneCard offers a co-branded credit card in partnership with banks such as Federal Bank. The company entered the unicorn club in July 2022 after raising $100 in a Series E round from Singapore-based Temasek Holdings, QED, Ocean View Investment and Peak XV.