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One Card secures $25.5 million from QED Investors, BTV, Peak XV Partners and Z47
Economic Times
ยท
7m ago
Medial
Pune-based fintech startup FPL Technologies has raised $25.5 million in a funding round led by QED Investors. The company, which operates the One Card credit card issuance platform, plans to use the funds to enhance its technology infrastructure and develop new products. FPL Technologies was founded in 2019 by former ICICI Bank executives and has raised a total of $262 million in equity funding. The startup aims to reshape credit delivery and promote financial inclusion and accessibility. Its One Card platform collaborates with banks to offer cobranded credit card programs.
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Grapevine: Jupiter, Medibuddy, Scaler, Bloom Hotels in fundraising news
VCCircle
ยท
2m ago
Medial
Neobanking startup Jupiter is in early discussions to raise $30-50 million from current investors such as QED Investors, Z47, Peak XV Partners, 3one4 Capital, and Beenext. This funding round could expand as external investors have shown interest, according to reports.
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Temasek-backed OneCard raises bridge funding, adds new investor on cap table
VCCircle
ยท
8m ago
Medial
FPL Technologies Pvt Ltd, the company behind fintech unicorn OneCard, is raising $28.5 million in a bridge funding round. Better Tomorrow Ventures is a new investor in this round, joining existing investors Peak XV Partners and Z47. The funding brings OneCard's valuation to $1.4 billion. The company started as a digital credit score platform before launching its metal credit card in 2020. OneCard has raised over $350 million in funding since its founding in 2019. In the last fiscal year, the company's net losses increased to INR 406 crore ($54.7 million).
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Travel fintech startup Scapia raises $40 million from Peak XV, existing investors
Economic Times
ยท
4m ago
Medial
Scapia, a travel-focused fintech startup, has raised $40 million in funding led by Peak XV Partners, with participation from Elevation Capital, Z47, and 3State Capital. Founded by Anil Goteti, the startup aims to capture young travel enthusiasts with its credit card offering. Following a temporary halt due to Federal Bank's regulatory issues, the company resumed operations and is focused on expanding its travel-centric financial products and customer base. Scapia offers benefits like no annual fees and travel-related perks.
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Sofina leads The Whole Truthโs Series C funding round
VCCircle
ยท
5m ago
Medial
The Whole Truth, a healthy food brand, secured $15 million in a Series C funding round led by Sofina, with existing investors like Z47 and Peak XV Partners participating. Founded by ex-Unilever manager Shashank Mehta in 2019, the company will use the funds for manufacturing, talent acquisition, and expanding its product categories. Known for clean-label snacks, The Whole Truth reported a significant revenue increase and reduced losses in the last fiscal year.
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Scapia raises $40 Mn in Series B led by Peak XV
Entrackr
ยท
4m ago
Medial
Scapia raises $40 Mn in Series B led by Peak XV Travel fintech company Scapia has raised $40 million in its Series B round led by Peak XV Partners, with participation from existing investors, Elevation Capital, Z47, and 3State Ventures. The funding will enable Scapia to strengthen its team, enhance its product offerings, harness the power of AI, and accelerate its ambitious growth plans, Scapia said in a press release. According to the companyโs regulatory filings, it has secured Rs 289 crore ($34 million) so far, with the remaining funds expected soon. In this round, Peak XV Partners took the lead, investing Rs 218 crore ($25.6 million), followed by Elevation Capital with Rs 62.28 crore ($7.3 million) and 3State Ventures contributing Rs 8.65 crore ($1.02 million). According to a separate resolution, the Bengaluru-based company also expanded its ESOP pool by 3,460 ESOP options. The newly added ESOP will be valued at Rs 22 crore, while the total pool now stands at Rs 132 crore (approximately $15.5 million). Entrackr estimates that the companyโs post-money valuation stands at Rs 1,645 crore or $193.5 million. The valuation may vary after completion of the round. Founded by Anil Goteti, Scapia operates as a fintech-travel platform, offering a lifetime-free credit card with travel rewards. It generates revenue through interchange fees, interest on EMIs, and partner commissions from travel bookings. Scapiaโs co-branded card with Federal Bank offers great value with no joining or annual fees, zero forex markup, and free unlimited domestic lounge access and airport perks based on monthly spending. Cardholders get 10% rewards on all purchases and 20% rewards on travel bookings made through Scapia. Scapia has raised over $70 million to date, including its $23 million Series A round led by Elevation Capital and 3State Ventures in November 2023. According to startup data intelligence platform TheKredible, Peak XV Partners became the largest external shareholder with a 13.74% stake, followed by Matrix Partners at 13.68%. Its FY24 appeared to be the first operational year, recording a revenue of Rs 17 crore while incurring a loss of Rs 88 crore during the same period. The company competes with the likes of One Card, which posted Rs 1,425 crore revenue, and Zolve, which stood at a revenue of Rs 67.8 crore in the fiscal year ended March 2024.
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Exclusive: OneCard to secure $28.5 Mn in new funding round
Entrackr
ยท
8m ago
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.
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Z47 to raise $300-400 million maiden fund, its first since Matrix split
Livemint
ยท
1m ago
Medial
Z47, formerly Matrix Partners India, is planning to raise its first independent fund since separating from its US parent. The Indian venture capital firm aims to secure $300โ400 million by leveraging its portfolio of tech startups. This initiative is part of a broader fundraising resurgence in Indian venture capital, similar to Peak XV Partners' efforts, which plans to raise a $1.4 billion fund for India and Southeast Asia.
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Health food brand The Whole Truth raises $15 million in funding round led by Belgian investment fund Sofina
Economic Times
ยท
5m ago
Medial
The Whole Truth, a Mumbai-based health food brand, secured $15 million in a funding round led by Sofina, joined by existing investors such as Z47 and Peak XV Partners. The funds will enhance in-house manufacturing, hire talent, and drive growth. Founded in 2019, the company offers clean-label foods like protein bars and muesli, doubling revenue in FY24 to Rs 71 crore while reducing losses. The brand's mission to restore food trust aligns with increasing health-conscious consumer trends.
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Can MobiKwik re-attain peak valuation in IPO as one investor backs out?
VCCircle
ยท
1y ago
Medial
Digital payments company MobiKwik is aiming to achieve its peak valuation in its upcoming IPO, despite a setback in funding as one investor withdraws from a deal. MobiKwik, which is supported by investors like Peak XV Partners and Abu Dhabi Investment Authority, is operated by One Mobikwik Systems and is based in Gurugram.
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OYO's Early Investors Exit With Massive Returns Ahead of IPO
OutlookIndia
ยท
6m ago
Medial
Early investors in OYO, including Peak XV Partners and Lightspeed Venture Partners, have been selling their stakes in the company, earning substantial returns as OYO prepares for its IPO. Peak XV Partners recently gained $80-90 million from selling part of its remaining stake, having previously made $500 million in exits. The current stake sales come at a valuation of $3.9 billion, with the IPO expected in March 2025 after concluding significant funding rounds following recent fundraising efforts.
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