Based on filings made with the ministry of company affairs, the corporate will probably be valued at $1.1 billion put up the funding, which is barely decrease than the $1.4 billion valuation it had achieved in 2022.
As a part of the fundraising, Rs 71.4 crore has already been secured by the corporate, with the remainder to be invested over future tranches, the corporate talked about in its filings. Whereas Higher Tomorrow Ventures has pumped in Rs 42 crore, Peak XV has already invested Rs 8.4 crore and Z47 round Rs 21 crore.
Until date, One Card has raised $234 million from a number of massive traders with Z47, Peak XV Companions and QED Traders having vital shareholding within the firm.
Based by ex-ICICI Financial institution senior executives Anurag Sinha, Vibhav Hathi and Rupesh Kumar, One Card gives co branded bank cards with a number of banks like Federal Bank, Bank of Baroda, South Indian Bank, CSB and others. The startup gives metallic playing cards with premium options and runs a cellular software which helps prospects monitor their spends and expenditure.
ET had reported on August 15, 2023, that One Card was making an attempt to amass a non-banking finance firm however its software was ‘returned’ by the Reserve Financial institution of India.
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Based on knowledge sourced from Tracxn, One Card reported a complete income of Rs 593 crore in monetary 12 months 2023, its newest financials obtainable within the public area. Its losses shot as much as Rs 405.7 crore as nicely. Between FY 2022 and 2023, its income shot up nearly six occasions, however losses more-than-doubled as nicely.
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