Temasek in talks to again India’s OneCard at $1.5 billion valuation – TechCrunch
FPL Applied sciences, the Indian startup that operates OneCard, is about to double its valuation to about $1.5 billion in a brand new financing spherical, only a month after it disclosed its earlier funding, in line with three sources accustomed to the matter.
Singapore’s Temasek, one of many world’s largest traders, is in superior levels of talks to guide a brand new financing spherical of the Pune-headquartered startup, the sources stated, requesting anonymity because the deliberation is ongoing and personal.
The scale of the spherical is over $100 million, two sources stated.
OneCard declined to remark whereas Temasek stated it doesn’t touch upon market rumors and hypothesis.
The brand new spherical follows a $75 million Collection C funding that OneCard disclosed final month. The Collection C spherical, led by QED, valued OneCard at about $750 million.
Based by banking veterans, OneCard operates a mobile-first bank card. Its playing cards come with none becoming a member of or annual price and provides clients extra management and adaptability over how and the place they transact. It additionally presents a spread of personalised rewards and loans to clients.
The startup additionally operates an app referred to as OneScore, which helps customers perceive and discover their credit score rating. The app is certainly one of largest buyer acquisition drivers for OneCard.
There are fewer than 30 million Indians who presently personal a bank card whilst practically a billion financial institution accounts exist within the South Asian market.
Scores of startups together with OneCard, Slice, which entered the unicorn club late last year, and Lightspeed Enterprise Companions and Elevation Capital-backed Uni are attempting to bring credit card features to extra clients in India.
OneCard says it has amassed over 250,000 OneCard clients who’re spending about $60 million with its playing cards every month.
Anurag Sinha, the startup’s co-founder and chief government, stated final month that he estimates that about 80 million to 90 million Indians are eligible to have a bank card.