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Temasek-backed OneCard raises bridge funding, adds new investor on cap table

VCCircle

VCCircle · 8m ago

Temasek-backed OneCard raises bridge funding, adds new investor on cap table

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).

Related News

TPG-backed Fibe set to bag a cheque from new investor

VCCircle

VCCircle · 2m ago

TPG-backed Fibe set to bag a cheque from new investor

Digital lending platform Fibe, backed by TPG and TR Capital, is poised to receive new funding from a global investor. The platform, operated by Pune-based Social Worth Technologies Pvt Ltd, strengthens its financial backing as a marquee investor joins its cap table.

EQT, ChrysCap-backed Credila gets valuation bump as it adds new investor to cap table

VCCircle

VCCircle · 1y ago

EQT, ChrysCap-backed Credila gets valuation bump as it adds new investor to cap table

Education loan provider HDFC Credila, backed by private equity firms EQT and ChrysCapital, has added a new investor to its cap table. The company recently underwent a buyout when HDFC Bank sold its majority stake for $1.15 billion. The addition of the new investor will likely result in a higher valuation for HDFC Credila.

Harry Banga poised for 160x return on ‘angel’ Nykaa bet

Inshorts · 11m ago

Harry Banga poised for 160x return on ‘angel’ Nykaa bet

Billionaire Harindarpal Singh Banga is expected to make a staggering return of 160 times on an investment of $4 million in fashion and beauty platform Nykaa. Banga, also known as Harry, is the promoter of commodities trading companies Noble and Caravel. He backed Nykaa in its first external round of funding in 2014, becoming the top investor on the cap-table.

Fintech unicorn OneCard spent Rs 1,000 Cr to earn Rs 500 Cr in FY23

Entrackr

Entrackr · 1y ago

Fintech unicorn OneCard spent Rs 1,000 Cr to earn Rs 500 Cr in FY23

Mobile-first credit card startup OneCard has entered the unicorn club after securing $100 million in funding led by Temasek. The funding helped the company achieve a revenue growth of 6.4x to Rs 541 crore in FY23. OneCard provides co-branded credit cards in partnership with banks and offers value-added services such as credit score tracking. The company incurred expenses of Rs 1,000 crore, resulting in losses of Rs 406 crore. OneCard has raised $425 million to date and is valued at $1.3 billion. It is also planning to raise an additional $100 million in funding.

VC-backed TransBnk plots fresh funding round, may tap new investor

VCCircle

VCCircle · 1m ago

VC-backed TransBnk plots fresh funding round, may tap new investor

TransBnk Solutions Pvt Ltd, a transaction banking platform, is reportedly in discussions to raise a new funding round following its Series A closure last year. The company, based in New Delhi, is considering adding a new investor to its cap table, according to sources familiar with the situation. TransBnk's plans signal its ongoing growth and expansion strategy as it seeks additional capital to fuel its operations and development initiatives.

Multiples PE-backed Vastu Housing adding another investor to cap table

VCCircle

VCCircle · 11m ago

Multiples PE-backed Vastu Housing adding another investor to cap table

Vastu Housing Finance Corp has added another investor to its cap table. The mortgage lender, which already has private equity and venture capital firms as shareholders, has attracted several new investors over the past year. Multiples PE, led by Renuka Ramnath, is the majority shareholder in Vastu Housing. The identity of the new investor has not been disclosed.

Fintech unicorn OneCard seeks $100 Mn at flat valuation

Entrackr

Entrackr · 1y ago

Fintech unicorn OneCard seeks $100 Mn at flat valuation

Mobile-first credit card startup OneCard, operated by FPL Technologies, is reportedly in discussions to raise up to $100 million in a Series E financing round with both new and existing investors. While this would be the company's first funding round of the year, sources suggest that the valuation will remain largely unchanged, likely around $1.5 billion. OneCard offers co-branded credit cards and has a credit score tracking and management app called OneScore with over 80 million users. The company turned unicorn in 2022 after a Series D round led by Temasek.

EquityList raises $2.2 million in seed funding round

Economic Times

Economic Times · 1y ago

EquityList raises $2.2 million in seed funding round

EquityList, a shareholder management platform spun off from AngelList India, has raised $2.2 million in a seed funding round. The funding came from investors including AngelList India, Hustle Fund, Unpopular Ventures, and Republic. EquityList provides software-as-a-service (SaaS) solutions to companies like Blackbuck, Sugar Cosmetics, and Cars24. With the new funding, the company plans to expand its team, service its existing customer base, and enter new markets such as West Asia and North Africa. EquityList competes with Trica and Qapita in the cap table management space.

KKR set to take a bite of cloud kitchen operator Rebel Foods

VCCircle

VCCircle · 7m ago

KKR set to take a bite of cloud kitchen operator Rebel Foods

Global private equity firm KKR is set to invest in cloud kitchen operator Rebel Foods, joining Singapore's Temasek on the company's cap table. Rebel Foods recently raised $210 million in a Series G funding round. KKR's investment will come through a secondary purchase of shares from existing investors, including Peak XV Partners and Coatue. Rebel Foods operates various internet-first brands, such as Faasos and Behrouz Biryani, and manages over 450 kitchens across more than 70 cities in India and internationally. The company plans to focus on in-house brands for growth and reduce losses.

When your cap table makes your startup uninvestable

TechCrunch · 1y ago

When your cap table makes your startup uninvestable

A Norwegian hardware startup is facing difficulty in raising funding due to an imbalanced capitalization table (cap table). The company has given up over two-thirds of its equity to raise $3.3 million, making it uninvestable for prospective investors. The issue arises when investors take a significant portion of the company's equity, leaving founders with little ownership and fewer incentives to continue giving their best. Fixing the cap table by returning ownership to the founders would require significant effort but could potentially make the company more attractive to investors. However, finding new investors willing to commit to such changes can be challenging.

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