OneCard posts 163% jump in FY24 revenues

07 Dec 2024, 02:52 AM

The company posted a net loss of Rs 401.15 crore in FY24, compared to Rs 405.66 crore in the previous fiscal year

Team Head&Tale

Card fintech OneCard has reported a 163% jump in its operating revenue to Rs 1425.58 crore from Rs 541.16 crore in FY23.

Despite the sharp rise in revenue from operations, the company posted a net loss of Rs 401.15 crore in FY24, compared to Rs 405.66 crore in the previous fiscal year, reported Inc42.

On the expense side, the overall expense during the financial year 2024 stood at Rs 1,865.92 crore, up 87% from Rs 999.51 crore in FY23.
 
Miscellaneous expenses was the biggest expense for the Peak XV-backed venture. This surged 153% to Rs 1105 crore from Rs 436 crore in FY23. OneCard spent Rs 487.90 crore on advertising and promotional expenses in FY24 from Rs 323.83 crore in FY23; whereas employee benefit expenses stood at Rs 143.65 crore in FY24, compared to Rs 130.83 crore reported in the previous year.

Founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi in 2018, OneCard offers a cobranded credit card in partnership with banks such as Federal Bank, IDFC First Bank, Indian Bank, among others.

The company is also raising $28 million (Rs 240 crore) in funding from US-based Better Tomorrow Ventures, Peak XV and Z47 (formerly Matrix Partners). As part of the round, it has already secured $8.5 million (Rs 71.4 crore) with the rest to come in one or more tranches. 

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. 

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. 

Who Reads Us

I enjoy reading The Head and Tale for their coverage on the Fintech landscape. The reporting is incisive and honest,  and it demonstrates a sharp understanding of the industry and the issues that concern it. I'd like to extend my best wishes to Arti for her continued success.

Rahul Chari, Co-Founder and CTO, PhonePe
Rahul Chari Co-Founder And CTO, PhonePe

Well-researched, informative and analysis based reporting makes an interesting read. 'The Head and Tale' news portal has been demonstrating this quite well covering fintech and emerging tech sectors. Their timely updates, exclusive stories and different perspectives on these sectors help me stay informed. Kudos to Arti Singh for pursuing her passion and best wishes to the team.

Rishi Gupta, MD & CEO, Fino Payments Bank
Rishi Gupta MD & CEO, Fino Payments Bank

The Head and Tale stands out for its deep industry knowledge and impressive network of sources. I especially appreciate that the reporting remains independent, rarely resorting to paid puff pieces, making it a publication I can genuinely trust. Having followed Arti’s work for years, I’ve come to rely on The Head and Tale for its unparalleled insight and truly independent coverage. Arti’s long-standing presence in the sector means her reporting is always informed, with access few can match.

Lizzie Chapman, co-founder, ZestMoney
Lizzie Chapman Co-founder, ZestMoney

What I really appreciate about The Head and Tale is that it doesn’t just report the news, it interprets it. The stories are well-researched, comprehensive, and bold. Arti brings a fearless lens to reporting, often asking the uncomfortable but necessary questions. She makes you pause, reflect, and rethink what it all means for the payments and fintech ecosystem. It’s rare to find journalism that’s this sharp, timely, and relevant to the work we do every day.

Mohit Bedi, co-founder, Kiwi
Mohit Bedi Co-founder, Kiwi

I’ve always valued journalism that goes beyond surface-level headlines. The Head and Tale does exactly that - it connects the dots, asks the tough questions, and brings clarity to the shifts shaping our evolving industry. I’ve even encouraged my team members to subscribe, because staying informed through credible, deeply reported stories is as important as building products. For me, The Head and Tale has become part of essential reading.

Cofounder of IPO-bound leading fintech lending company
Cofounder of IPO-bound leading fintech lending company