OneCard’s revenue from operations grew 7.8X to INR 83.78 Cr from INR 10.78 Cr in FY21
The Pune-based fintech startup’s total expenses ballooned 5.7X YoY to INR 280.61 Cr in FY22
Advertising promotional expenses saw a whopping 10.5X YoY rise to INR 124.16 Cr
Pune-based OneCard’s net loss widened over 5.5X to INR 182.76 Cr in the financial year 2021-22 (FY22) from INR 33.19 Cr in the previous fiscal year as its expenses surged, in line with the growth in business.
The fintech unicorn’s revenue from operations grew 7.8X to INR 83.78 Cr from INR 10.78 Cr in FY21. The startup, which leverages technology to launch credit card and other IT-enabled financial solutions in partnership with banks and financial institutions, earned its entire operating revenue from sale of services.
Total income, including other income, grew 6X to INR 97.85 Cr from INR 16.39 Cr in FY21.
Meanwhile, total expenses ballooned, led by a sharp increase in advertising and promotional expenses. OneCard’s total expenses rose 5.7X to INR 280.61 Cr in FY22 from INR 49.58 Cr in FY21.
Other expenses, which included rent, insurance, advertising and promotional expenses, among others, accounted for the biggest chunk of expenses. The fintech startup’s other expenses rose 6.6X to INR 235.12 Cr from INR 35.5 Cr in FY21.
Advertising promotional expenses saw a whopping 10.5X rise to INR 124.16 Cr in FY22 from INR 11.8 Cr in the previous financial year.
Employee benefit expenses grew 3.2X to INR 43.17 Cr from INR 11.18 Cr in the previous year.
OneCard, founded in 2018 by Anurag Sinha, Rupesh Kumar and Vaibhav Hathi, issues co-branded credit cards in partnership with the likes of South Indian Bank, Federal Bank, BoB Financial, and SMB Bank. It launched its first mobile metal card in 2020. The startup also offers OneScore, a digital credit score platform offering free credit score checks.
OneCard entered the unicorn club last year after it raised about $100 Mn (about INR 802 Cr) in a funding round led by Singapore’s sovereign fund Temasek. The startup has raised $227 Mn funding to date and is backed by marquee names like GIC, QED Investors, and Sequoia Capital.
OneCard competes with the likes of Slice, Karbon Card, Uni Card, Kodo Card.
Earlier this month, OneCard filed a cyber fraud complaint with the Delhi Police after five fraudsters duped the startup by procuring products worth INR 21.32 Lakh via credit cards. The fraudsters used PAN details and names of Bollywood actors and celebrities to get OneCard credit cards.