OneCard creator FPL Tech scores Rs 183 Cr Series B round

FPL Technologies, the creators of portable first Mastercard OneCard, has brought Rs 183 crore up in its Series B round drove by existing benefactor Sequoia Capital, distributing inclination offers to three existing investments and two people.

Sequoia has mixed Rs 133.26 crore followed by Rs 38.7 crore by Matrix and Rs 11 crore by Hummingbird Ventures, administrative filings show. Singular financial backers Disha Shah and Hari Velayudan likewise siphoned in Rs 4.4 lakh each in the two-year-old startup. Velayudan is the head working official of FPL’s center contribution OneCard and had likewise put resources into the association’s past round.

Sequoia and Matrix had driven Pune-based FPL Technologies’ $10 million Series A round in August, a year ago. According to Fintrackr’s assessments, FPL was esteemed at around $51 million in Series A round and $11.5 million during its seed round however their present valuation couldn’t be found out from their most recent documenting.

Dispatched by Vaibhav Hathi, Anurag Sinha and Rupesh Kumar, FPL’s principle item OneCard offers first-time Visa clients a virtual just as an actual card to fabricate a FICO assessment. FPL dispatched its application OneScore for Android and iOS clients in June 2020. The applications assist clients with checking and screen their FICO rating and credit report.

Dissimilar to a standard plastic Visa, OneCard is a tech-empowered metallic card. As of August 2020, OneCard was accessible across 12 urban communities including Mumbai, Delhi, NCR and Bengaluru, and had gained near 2 million clients on its foundation.

For the last two fiscals, FPL has not created any income from tasks. As indicated by administrative filings, the organization just acquired Rs 1.03 crore as monetary pay and lost Rs 8.3 crore in FY20. FPL’s OneCard contends with all banks that issue Visas.