OneCard posts 163% jump in FY24 revenues

06 Dec 2024, 10:22 PM

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.