Funding · Financial Services

OneCard raises Rs 72 crore in Series D round

By Startup Enthusiast · 13 July 2026

What they do

OneCard raised Rs 72 crore led by Peak XV Partners at a Rs 12,050 crore valuation

Peak XV contributed Rs 30 crore, with Z47, Hummingbird, and angel investors also participating

The fintech faces a regulatory pause on new customer onboarding since Dec 2025

OneCard raised Rs 72 crore in a Series D funding round.
Peak XV Partners led the investment with a contribution of Rs 30 crore.
Existing investor Z47 contributed Rs 9.5 crore to the round.
Angel investors including Shalini Warrier and Kakarla Karunamaye also participated.
The post-money valuation stands at approximately Rs 12,050 crore.
Peak XV now holds a 22.88% stake as the largest shareholder.
Z47 holds a combined stake of 17.66% after the allotment.
The company has achieved unicorn status following a previous $100 million raise.

The funding occurs while the company faces regulatory scrutiny from the RBI.
Partner banks were asked to halt new onboarding for data sharing reviews.
Discussions are ongoing to restart co-branded issuance but operations have not resumed.
Revenue growth remains strong despite operational challenges and regulatory headwinds.

OneCard provides a mobile-first credit card platform for consumers.
It partners with IDFC FIRST Bank, Federal Bank, Indian Bank, and SBM Bank.
The OneScore app allows users to track credit scores and spending.
Features include card management and EMI conversion capabilities.
FY25 revenue from operations reached Rs 1,878 crore.
Revenue grew 32% compared to Rs 1,425.58 crore in FY24.
FY25 losses decreased by 25.8% to Rs 297.5 crore.
FY26 financial statements have not yet been filed publicly.
The business model relies on partnerships with major Indian banking institutions.

The company is in discussions with regulators to resume new customer onboarding.
Operations remain paused pending resolution of data sharing review issues.