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Exclusive: OneCard to secure $28.5 Mn in new funding round

EntrackrEntrackr · 1y ago
Exclusive: OneCard to secure $28.5 Mn in new funding round
Medial

Mobile-first credit card startup OneCard is raising Rs 239.4 crore or $28.5 million from Better Tomorrow Ventures, Peak XV (previously Sequoia Capital), and Z47 (previously Matrix Partners). While this is the first equity investment for the Pune-based company in 2024, it received debt funding in January this year. The board at OneCard has passed a special resolution to issue 72,048 cumulatively preference shares at an issue price of Rs 33,228.3 per share to raise Rs 239.4 crore or $28.5 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. According to the filings, the company has already secured Rs 71.4 crore from Better Tomorrow Ventures, Peak XV Partners, and Matrix Ventures as part of the above-mentioned fundraising. The breakdown includes Rs 42 crore from Better Tomorrow Ventures, Rs 8.4 crore from Peak XV, and Rs 21 crore from Matrix Ventures. The remaining Rs 168 crore is expected to be received by OneCard in one or more tranches. As per the startup data intelligence platform TheKredible, OneCard has been valued at around Rs 11,747 crore or $1.4 billion post-allotment. In September 2023, Entrackr exclusively reported that the Bengaluru-based company was seeking $100 million at flat valuation. OneCard (FPL Technologies) offers co-branded credit cards to mostly first-time users with banks such as IDFC First Bank, Federal Bank, and SBM Bank. It has a credit score tracking cum credit management app called OneScore. In Sept 2023, the firm announced its partnership with Indian Bank to empower users with full digital control over their credit card interactions such as real-time transaction tracking, spending management, and EMI conversion, among others. On the revenue front, OneCard managed over six-fold year-on-year growth in FY23 as its operating revenue soared to Rs 593 crore in FY23 from Rs 97.8 crore in FY22. At the same time, its losses also spiked 2.2X to Rs 405.6 crore in FY23. It has yet to file its annual results for FY24. OneCard turned unicorn after a $100 million round in July 2022. It has raised more than $350 million to date. According to TheKredible, Peak XV and Z47 collectively control 40% stake in the company.

Exclusive: OneCard to raise debt from Alteria

EntrackrEntrackr · 1m ago
Exclusive: OneCard to raise debt from Alteria
Medial

Mobile-first credit card startup OneCard is raising Rs 40 crore (approximately $4.5 million) in debt funding from existing investor Alteria Capital. This debt funding follows the company’s $28.5 million round raised last December from QED Investors, Better Tomorrow Ventures, Peak XV, and Z47, which valued the company at $1.4 billion post-money, as exclusively reported by Entrackr. The board at OneCard has passed a special resolution to approve the issue of 4,000 non-convertible debentures (NCDs) at a face value of Rs 1 lakh each to raise the above-mentioned amount, according to its filing with the Registrar of Companies (RoC). The said debentures carry an interest rate of 13.85% per annum with a tenure of three years. Founded in 2019, OneCard (FPL Technologies) provides co-branded credit cards, largely aimed at first-time users, through partnerships with IDFC First Bank, Federal Bank, and SBM Bank. It also runs OneScore, an app for credit score tracking and credit management. According to startup data intelligence platform TheKredible, OneCard has raised over $270 million to date, including the $100 million round in July 2022 when it became a unicorn. On the financial front, the fintech unicorn recorded more than 2.6X year-on-year revenue growth in FY24, reaching Rs 1,426 crore, while losses stood at Rs 401 crore during the period. It is yet to disclose its FY25 numbers. Recently, OneCard came under the Reserve Bank of India’s (RBI) scrutiny, with the regulator reportedly asking its partner banks to halt the issuance of co-branded credit cards. The RBI is said to be seeking greater clarity on how data is shared between OneCard and its banking partners.

Square Yards raises $35 Mn at $935 Mn valuation; unicorn, IPO plans ahead

EntrackrEntrackr · 1m ago
Square Yards raises $35 Mn at $935 Mn valuation; unicorn, IPO plans ahead
Medial

Square Yards raises $35 Mn at $935 Mn valuation; unicorn, IPO plans ahead Real estate and mortgage marketplace Square Yards has raised $35 million in a fresh equity round led by South Korea–based Smile Gate Group, with participation from its existing investors. The transaction, confirmed to Entrackr by the company, values the Gurugram-headquartered startup at a post-money valuation of $935 million. The latest fundraise kicks off Square Yards’ broader capital strategy as it reportedly prepares for a Rs 2,000 crore initial public offering (IPO) in calendar year 2026. According to the sources, it is currently in advanced negotiations to secure an additional $100 million from a couple of large global funds. This proposed infusion is expected to be a mix of debt and equity. Once completed, the round is expected to push Square Yards into the unicorn club, becoming one of the few Indian proptech companies to touch a billion-dollar valuation. The names of the funds in discussions remain undisclosed. Founded in 2014, Square Yards operates as an integrated real estate and mortgage platform, covering search, discovery, transactions, home loans, interiors, rentals, and property management. Its fintech arm, Urban Money, facilitates loans across housing, personal, and secured lending segments. More than 87% of the company’s business is driven through aggregated channels, including brokers, advisors, and lending partners, while the rest is contributed by direct operations. Over the last 12 months, Square Yards claims to have facilitated Rs 12,000 crore in property transactions and Rs 66,000 crore in loans. Square Yards posted Rs 1,410 crore (about $170 million) in revenue for FY25, with Rs 46 crore EBITDA, backed by a strong real estate cycle and higher mortgage distribution volumes. Over the past four years, the company has recorded a 51% revenue CAGR, reflecting significant operating leverage. For the twelve months ending September 2025, its revenue climbed to Rs 1,670 crore, while EBITDA surged to Rs 120 crore, which highlights the improved profitability as the company gears up for its IPO. Prior to this, Square Yards last raised $25 million in 2021 from ADM Capital, and before that $20 million from Bennett Coleman & Co. and Japan’s Genkai Capital in 2019. It competes with NoBroker, which became India’s first proptech unicorn in 2021.

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