OneCard raises US$9.78M as Peak XV backs it through RBI card freeze
What's the deal? OneCard, the digital credit card platform run by Pune-based FPL Technologies, is raising US$9.78M (around $7.6 million) in an extension of its Series D round. Peak XV Partners is leading with US$4.07M, while Z47 is putting in US$1.29M. Hummingbird Ventures and a group of angels are also taking part.
Who's backing it? The lineup matters here. Peak XV Partners — the former Sequoia India — and Z47 both backed OneCard in its 2024 round, and are doubling down despite the company's regulatory troubles.
What could go wrong? OneCard cannot currently issue new cards. In December 2025, the Reserve Bank of India ordered all its partner banks — including BOB Cards, SBM India, Federal Bank, and Indian Bank — to stop issuing new OneCard credit cards, citing concerns over onboarding, data sharing, and operational controls. The regulator has ordered an independent audit of the co-branded card system.
By the numbers: The business is still growing. In the year to March 31, 2025, operating revenue rose 32% to US$255M, total revenue crossed US$258M, and losses narrowed 26%.
The backstory: Founded in February 2019 by Anurag Sinha, Vibhav Hathi, and Rupesh Kumar, FPL Technologies became a unicorn in 2022 at a $1.4 billion valuation. A planned $100 million raise fell through in 2023, and its 2024 round valued it lower, at about $1.1 billion.
What's the endgame? With new issuance frozen, OneCard is leaning on features that keep existing users engaged — instant transaction alerts, spending insights, EMI conversion, and app-based card management. Chief executive officer Anurag Sinha has said the company is working with its partner banks and the regulator to resolve the issues.
The signal: The round is small, but the backers are not. Repeat investors committing fresh capital to a fintech that cannot issue new cards suggests confidence that OneCard clears the regulatory hurdle — and that revenue momentum outweighs the freeze for now.
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