FPL Applied sciences, the Indian startup that operates OneCard, is ready to double its valuation to about $1.5 billion in a brand new financing spherical, only a month after it disclosed its earlier investment, in line with 3 resources accustomed to the topic.
Temasek is in complicated levels of talks to guide a brand new financing spherical of Pune-headquartered startup, the resources mentioned, asking for anonymity because the deliberation is ongoing and personal.
The scale of the spherical is over $100 million, two resources mentioned.
OneCard declined to remark while Temasek mentioned it does no longer touch upon marketplace rumors and hypothesis.
The brand new spherical follows a $75 million Collection C investment that OneCard disclosed final month. The Collection C spherical, led by means of QED, valued OneCard at about $750 million.
Based by means of banking veterans, OneCard operates a mobile-first bank card. Its playing cards come with none becoming a member of or annual rate and provides shoppers extra keep an eye on and versatility over how and the place they transact. It additionally gives a spread of personalised rewards and loans to shoppers.
The startup additionally operates an app referred to as OneScore, which is helping customers perceive and in finding their credit score ranking. The app is one in every of biggest buyer acquisition drivers for OneCard.
There are fewer than 30 million Indians who lately personal a bank card at the same time as just about a thousand million financial institution accounts exist within the South Asian marketplace.
Rankings of startups together with OneCard, Slice, which entered the unicorn membership past due final yr, and Lightspeed Mission Companions and Elevation Capital-backed Uni are making an attempt to convey bank card options to extra shoppers in India.
OneCard says it has accumulated over 250,000 OneCard shoppers who’re spending about $60 million with its playing cards each and every month.
Anurag Singha, the startup’s co-founder and leader government, mentioned final month that he estimates that about 80 million to 90 million Indians are eligible to have a bank card.