OneCard, a fintech company, has joined the unicorn club as the most recent member after raising nearly $100 million (or roughly INR 802 crore) in a new round of fundraising. Temasek, the sovereign wealth fund of Singapore, led the latest Series D capital round with an investment of INR 375 cr (about $46.9 million). Additionally taking part in the financing were QED Holdings, Matrix Partners, and Hummingbird.
Following the new fundraising round, OneCard is valued at roughly $1.25 billion, according to Inc42.
Six months ago, OneCard raised $75 million in its Series C round from QED Investors at a valuation of $750 million. This latest fundraising comes after that. Sequoia, Matrix Partners, and Hummingbird Ventures all took part in the financing. Additionally, the Pune-based business raised $35 Mn in its Series B round the previous year.
Anurag Sinha, Rupesh Kumar, and Vaibhav Hathi founded OneCard in 2018. In collaboration with banks like IDFC Bank, South Indian Bank, Federal Bank, Bank of Baroda Financial, and SMB Bank, it provides Visa credit cards. The business also provides OneScore which is a digital credit scoring, a no-spam platform which allows a user to check their credit scores for free. 22 fintech unicorns have been created in India to date, and four of them, including OneCard, have already become members of the exclusive club. Yubi (CredAvenue), Open and Oxyo had raised money earlier this year and had scored a valuation of more than $1 Bn.