Pune-based fintech startup OneCard has struck headlines once again in credit card niche. It lately raised INR 71.4 crore ($8.5 million) as part of a larger funding round aimed at securing INR 239.4 crore ($28.4 million).

US-based venture capital firm Better Tomorrow (BTV) Capital led the funding round along with Peak XV and Z47 (formerly Matrix Partners). BTV has contributed INR 42 crore, Peak XV has invested INR 8.4 crore and Z47 has added INR 20.9 crore. The funds were raised through issuance of preference shares at a premium price and signals a strong investor confidence in the vision of OneCard.

It is not the first big funding move for the startup this year. The company secured INR 120 crore ($14.4 million) from Alteria Capital alongside an earlier debt round of INR 95 crore ($11.44 million). The aims to scale its operations with the new funding and enhance customer experiences as well as roll out innovative features to cater modern credit card users.

OneCard earlier raised founding in 2018 by Anurag Sinha, Rupesh Kumar and Vibhav Hathi. It has since then focused on co-branded credit cards partnering with leading banks like Federal Bank and Bank of Baroda Financial. It also offers tools for credit score checks and expense management. The efforts have fueled rapid revenue growth that surged sixfold to INR 541.1 crore in FY23. The growth though came at a cost and it was equipped with losses of 2x to INR 405.6 crore in the same period.

OneCard entered the unicorn club in 2022 following an investment of $100 million from Temasek. It has raised more than $111 million to date from notable investors such as Peak XV Partners and QED Holdings.

The primary competitors of OneCard include Slice, Karbon Card and Uni Card.