Avendus Capital Advises OneCard on Its USD 107 MN Series D Funding Led by Temasek, With Participation From Existing Investors

Founded in 2019, OneCard has evolved to become India's fastest growing credit card provider offering a unique customer experience with a highly engaging rewards program, superior transaction experience and a premium metal card offering. The company's in-house full stack credit card infrastructure enables them to provide a superior UX, maintain low failure rates and have high customer engagement. OneCard has witnessed 2-3x engagement in terms of card transactions and spends relative to the industry, which is a testament to their offering. The company partners with marquee banks such as Federal Bank, South Indian Bank, BoB Financial and SBM Bank.

India's credit card market is highly under-penetrated and presents a large opportunity. Credit card spends in India comprise 5% of total consumer expenditure in the country when compared to 20-25% in other emerging markets such as Thailand and Brazil. Customer adoption for credit cards in India has been growing rapidly with over 14 million fresh cards issued in the last 12 months alone, representing a 20%+ YoY growth, despite walled tech-stacks operated by legacy players that have so far prevented the opportunity to provide customer centric offerings.