FPL Technologies, an Indian startup that offers credit cards to customers under the brand name OneCard, is the latest in the South Asian market to join the unicorn club following a new round of funding.
Singapore’s Temasek, one of the world’s largest investors, led the Pune-headquartered startup’s Series D round of over $100 million, OneCard disclosed in a filing to the local regulator. The new round values OneCard at over $1.4 billion (post-money), up from about $750 million in January this year, a source familiar with the matter told TechCrunch.
Existing backers QED, Sequoia Capital India and Hummingbird Ventures were among those who participated in the new round, which brings OneCard’s to-date raise to over $225 million.
OneCard declined to comment Wednesday evening. TechCrunch reported in February that Temasek was in talks to lead a round of over $100 million in OneCard at a valuation of about $1.5 billion. Indian news outlet Entrackr first reported about the filing.
Fewer than 30 million Indians have a credit card today, which has created a huge whitespace for startups in the country to innovate on tech and reach more consumers. Banks in the country, and beyond, are increasingly attempting to expand their own credit card customers bases, but their stringent and archaic eligibility criteria make most Indians unworthy of credit cards.
And that’s a factor that OneCard founders understand very deeply.