The Success Story of OneCard: How it is giving India the Smartest Metal Credit Card

The Success Story of OneCard: How it is giving India the Smartest Metal Credit Card
Onecard - Success Story

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Isn't it a bit exciting when you own a credit card? It is one of the most powerful tools a man can have. However, the right way of using a credit card is imperative as you have to pay for its bill later.

Several credit card issuers include VISA, MasterCard, and so on. However, digitization has bought a lot of changes in how we use how credit cards and the benefits that come with them. These advantages include a hassle-free shopping experience, easy cash withdrawal, no need to carry cash, and hundreds of rewards and offers like cashback, and coupons. You can see most working people use credit cards that have become an indispensable part of their lives.

With the ever-changing technology, this company is the first to launch a credit card for the mobile generation, we are talking about the newest startup company called OneCard.

Read through the article to learn more about OneCard's industry details, business and revenue model, funding, competitors, and more.

OneCard - Company Highlights

Headquarters Pune, India
Sector Financial Services
Founder Rupesh Kumar, Anurag Sinha, Vibhav Hathi
Founded 2019
Parent Organisation FPL Technologies

OneCard - About and how does it work?
OneCard - Industry Details
OneCard - Founders
OneCard - Mission and Vision
OneCard- Business and Revenue Model
OneCard - Shareholding
OneCard - Funding, and Investors
OneCard - Revenue
OneCard - Partnership
OneCard - Challenges Faced
OneCard - Advertisements and Social Media Campaigns

OneCard - About and how does it work?

Founded in 2019, FPL Technologies launched the brand 'OneCard' to redefine credit card that is designed in metal with full stack tech backed with transparency and clarity, making it India's best-ever mobile credit card. OneCard currently offers services in 12 cities across India, including Mumbai, Bengaluru, Delhi, and NCR.

The newest startup to enter the unicorn club, OneCard has teamed up with several banks like IDFC First Bank, SBM Bank, South Indian Bank, Federal Bank, and Bank of Baroda Financial. It claims to have more than 600,000 users across the country as of 2022.

To keep security in check, the company boasts of having a strong commitment to its users' data security. It stores and uses user data using its rock-solid secure procedures and technology implementations, in conjunction with regulatory compliance.

OneCard's credit card allows its users to control every characteristic of a credit card, such as domestic or international use, transaction limit, online or offline, contactless payments, and many more benefits.

Any customer wanting to start using OneCard can experience a seamless onboarding without much of a hassle. The activation of the credit card is digital and activates within five minutes. It comes without any hidden costs or annual fees by giving its customers more flexibility in using the card for transactions. It also offers EMI transactions that further give rewards to its customers. Lastly, one of the interesting features of OneCard is - the credit card can be shared with the user's family, wherein the family will get OneCard of their own, whose spending can be controlled and managed by the user. OneCard is available on both Android and iOS.

FPL Technologies also run another app known as 'OneScore' to allow users to track their credit score. This app has about 70 million users.

OneCard - Industry Details

It is great to see that India is among the fastest-growing Fintech market in the world today. With this, some statistics say that the Indian FinTech industry is predicted to be worth $180 billion according to Deloitte. Furthermore, it was reported that global fintech industry revenue was around $90.5 billion, and since then, the figure is only been going upwards.

OneCard - Founders

OneCard is founded by three banking veterans Rupesh Kumar, Anurag Sinha, and Vibhav Hathi in 2019.

Vaibhav Hathi,Anurag Sinha & Rupesh Kumar (from left)

Rupesh Kumar

Rupesh Kumar got his master's degree from the Indian School of Business in Analytical Finance. He is also an alumnus of IIT, Delhi, where he got his bachelor's degree in Mechanical Engineering. Rupesh started by working as a Software Engineer at Geometric Ltd. He has also worked at Dresdner Kleinwort Wasserstein for almost 2 years. During his stint at ICICI Bank, where he worked for 18 years, Rupesh was engaged in building and scaling mobile banking and digital payments at the bank such as - iMobile, UPI, Immediate Payment Services, Digital Wallet (Pockets), and Internet banking. He was responsible for the equity and debt fundraising and acquisition of two banks.

Anurag Sinha

Anurag Sinha is a graduate of IIT, Varanasi. He holds an MBA degree from the Indian Institute of Management, Bangalore. Anurag serves as a Member of the Global Advisory Board at Shoolini University, Himachal Pradesh. Before founding OneCard, he founded Walnut App in 2016, which is a personal finance mobile app, which automatically tracks spending, bank and card balances, P2P & bill payments, and split expenses without the need for bank passwords. Later on, the company got acquired by Capital Float. He has been associated with many organizations playing key roles. His longest stint was at ICICI Bank, where he worked for 13 years. Anurag Sinha is presently the CEO of FPL Technologies.

Vibhav Hathi

Vibhav Hathi has worked at ICICI Bank for 14 years, where he played many significant roles. Before becoming the founding member of OneCard, Vibhav founded his first company called Open Canvas, which is a mobile-based transaction platform to drive inter-operable digital payment. He was also a part of Reliance as a Management Trainee. Vibhav holds an MBA degree from the Indian Institute of Management, Kolkata.

OneCard - Mission and Vision

The mission of OneCard is, "To be India's Best Metal Credit Card"

OneCard- Business and Revenue Model

The business model of OneCard is a mobile-based application model. The company mostly offers B2C solutions by teaming with various banks to offer the services of a credit card. The company's main focus is consumer-based initiatives and improving customer experience.

The main business of OneCard is that it provides first-time credit card customers with a virtual, cellphone-based card to help them increase their credit score. It also offers an EMI service for purchases of Rs 3,000 and more, with an interest rate of 1.33% and a payback period of 3-24 months. The Credit card can be used both online and offline. It also offers a loyalty program to its customers, granting them reward points that they may spend for their next purchase.

The main build-up of OneCard has a technological stack that enables common sense features like transaction transparency, credit card bill due dates, and incentives, which are more easily accessible.

The company's revenue crossed over Rs 10 crore in the fiscal year 2021. Along with this, the company's total costs increased by 4.3X to Rs 33.15 crore.

OneCard - Shareholding

OneCard Shareholding
OneCard Shareholding

Below are the shareholder details:

  • Sequoia Capital - 23.37%
  • Matrix Partners - 17.9%
  • Anurag Sinha - 16.57%
  • QED Holdings - 8.67%
  • Rupesh Kumar - 8.1%
  • Vibhav Hathi - 5.4%
  • Hummingbird Ventures - 5.1%
  • Temasek - 3.8%
  • Ocean View Investments - 3.67%
  • INVOPPS FT21 - 3.3%
  • Others - 2%

OneCard - Funding, and Investors

OneCard has received $231.6 million in investment over six rounds. Their most recent funding came from a Series D round on July 13, 2022. Backed by 14 investors, QED and Sarv Investments are the most recent investors of OneCard. Other investors are - Hummingbird Ventures and Singapore-based GIC.

Date Funding Round Amount Investors
July 13, 2022 SERIES D $107 million MacRitchie Investments
December 30, 2021 SERIES C $75 million QED Investors
April 9, 2021 SERIES B $10 million QED Investors
February 5, 2021 SERIES B $25.1 million Sequoia Capital
August 18, 2020 SERIES A $10 million Matrix Partners India, Sequoia Capital India
September 5, 2019 Seed Round $4.5 million Matrix Partners, Sequoia Capital India

OneCard - Revenue

OneCard Operating Revenue has increased from Rs 83.7 crore in FY22 to Rs 541 crore in FY23. Coming to company profit/loss company losses increased from Rs 182 crore in FY22 to Rs 406 crore in FY23.

OneCard - Financials
OneCard - Financials
OneCard Financials FY23 FY22
Operating Revenue Rs 541 crore Rs 83.7 crore
Total Expenses Rs 1,000 crore Rs 281 crore
Profit/Loss Loss of Rs 406 crore Loss of Rs 182 crore

Expenses Breakdown

OneCard total expenses have risen from Rs 281 crore in FY21 to Rs 1,000 crore in FY22.


The business's financial performance improved from FY22 to FY23. Reduced expenses (₹3.36 in FY22 to ₹1.85 FY23) were a major factor in the EBITDA margin shift from -184.18% in FY22 to -67.58% in FY23. ROCE showed improvement from -25.70% in FY22 to -34.73% in FY23, even though it remained negative. With potential for improvement, the company is on the road to recovery.

FY22 - FY23 FY22 FY23
EBITDA Margin -184.18% -67.58%
Expense/₹ of Op Revenue ₹3.36 ₹1.85
ROCE -25.70% -34.73%

OneCard - Partnership


Innoviti Technologies (formerly known as Innoviti Payment Solutions), the largest partnership commerce platform in India, has teamed up with OneCard, a credit card redesigned for the mobile age, to promote greater financial inclusion in India through offline payments.

Federal Bank Partners

The nation's youthful, tech-savvy populace is the target market for Federal Bank's partnership with OneCard, which was unveiled on September 22, 2021.


Mswipe has partnership with OneCard on November, 17, 2021 with this partnership company will offer no-cost Equated Monthly Instalments (EMIs) across its network of 250,000 retailers.

Pine Labs

OneCard, and Pine Labs have a partnership to offer EMIs (equivalent monthly payments) to all OneCard credit card members on September 13, 2021.

OneCard - Challenges Faced

One of the biggest challenges faced by OneCard is the competition with UPIs. UPIs which are developed by retail banks are quickly gaining popularity. Although the rapid adoption of UPI reduced the use of debit cards, on the other hand, credit cards appear to be relatively impervious. However, the recent direction by the central bank that the role of co-branding partners for credit cards should be limited to marketing and distribution of cards and giving access to the cardholder for the products and services supplied is predicted to harm multiple credit card startups. Besides this, the integration of credit cards with UPI indicates that there will be an increase in credit card usage, but also poses a challenge to their business model because of no clearness on the merchant discount rate (MDR) for such expenses.

OneCard - Advertisements and Social Media Campaigns

In April 2022, OneCard ran two campaigns with the #BeTeamMetal. The ad is about OneCard's mobile credit card that takes care of every aspect of its customer's credit in just one card such as bill payments, transactions, spending limit, offers and rewards, and much more. In one video, a girl can be seen walking through the metal detector for security checking. The detector makes noise because of OneCard's metal built-up, thus, showing the card's genuineness. The campaign was a big hit with 14 million views.

OneCard Campaign

OneCard - Competitors

The top competitors of OneCard are:

  • CRED
  • Slice
  • Uni
  • Olly Credit
  • Stori
  • Stashfin
  • KrazyBee
  • Quiklo


Is OneCard RBI approved?

Yes, OneCard and its operations are approved by the RBI.

Can I withdraw money from OneCard?

Yes, you can withdraw money from an ATM using OneCard.

What is the credit limit of OneCard?

The credit limit ranges from INR 11,000 to INR 1.10,000.

How to repay OneCard bill?

Bill amount can be repaid via its mobile app.

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