Mobile-first credit card startup OneCard is raising Rs 72 crore (around $7.6 million) in a fresh funding round led by Peak XV Partners, with participation from existing investor Z47 (formerly Matrix Partners India), Hummingbird Ventures, and several angel investors. In Nov 2024, the company had raised around$28.5 millionfrom Better Tomorrow Ventures, Peak XV (previously Sequoia Capital), and Z47 (previously Matrix Partners). The board at OneCard has passed a special resolution to issue 21,639 compulsory convertible preference shares (CCPS) at an issue price of Rs 33,228.35 each to raise Rs 72 crore, according to its regulatory filings accessed by Entrackr. Peak XV Partners will lead the round with an investment of Rs 30 crore, followed by Z47 with Rs 9.5 crore. The remaining capital will come from Shalini Warrier, Kakarla Karunamaye, Sumana Mallick, and Ranu Madhivanan, who invested Rs 5 crore each. Sathish Krishnan will infuse Rs 3 crore, while Pragnyat Lalwani, Gautam Jain, and Gaurang Shah will contribute Rs 2.5 crore each. Hummingbird Ventures will invest Rs 1.9 crore. As per Entrackr's estimates, the fresh round values the company at around Rs 12,050 crore (approximately $1.27 billion), reflecting a slight increase from its previous valuation of Rs 11,747 crore. Founded in 2019 by Anurag Sinha and Rupesh Kumar, OneCard (FPL Technologies) offers a mobile-first credit card platform in partnership with banks including IDFC FIRST Bank, Federal Bank, Indian Bank, and SBM Bank. The company also operates OneScore, a credit score management app that enables users to track their credit score, monitor spending, manage credit cards, and convert transactions into EMIs through a digital-first experience. In December 2025, the RBIreportedlyasked partner banks to halt the onboarding of new OneCard customers to review data sharing arrangements. In April 2026, Entrackrreportedthat the fintech firm was in discussions with the regulator through its partner banks to restart co-branded credit card issuance. However, the company is yet to resume issuing new co-branded credit cards. Post-allotment (excluding ESOPs), Peak XV Partners will remain the largest shareholder with a 22.88% stake, followed by Z47 (formerly Matrix Partners India), which will hold a combined 17.66% stake, as per the company's regulatory filings. OneCard entered theunicornclub after raising $100 million in 2022 and has since secured funding from investors including Peak XV Partners, Z47, QED Investors, Hummingbird Ventures, Temasek, and others. The company is yet to file its financial statements for FY26. InFY25, its revenue from operations grew 32% to Rs 1,878 crore from Rs 1,425.58 crore in FY24, while its losses declined 25.8% to Rs 297.5 crore from Rs 401.15 crore during the same period. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we mi
