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OneCard raises Rs 72 Cr in Series D led by Peak XV at $1.27B valuation
Our read
OneCard's RBI-linked pause on co-branded card onboarding is a live constraint on the very partner-bank distribution engine that drove its Rs 1,878 Cr FY25 revenue, so unblocking that channel is the operational priority.
Watch
RBI clarity or lifting of co-branded card onboarding pause
The report,
Mobile-first credit card fintech OneCard is raising Rs 72 crore in Series D led by Peak XV, valuing it near $1.27 billion, amid RBI-linked pause on new co-branded card onboarding via partner banks.
Reported figures
From the report. Source details below
| FY25 revenue | Rs 1,878 crore |
|---|
Also in the report
- valuation Rs 12,050 crore (~$1.27 billion)
Other figures
- $7.6 million
- Rs 30 Cr Peak XV
- Rs 9.5 Cr Z47
- FY25 loss Rs 297.5 crore
Why it matters to operators
The modest Rs 72 Cr Series D top-up led by existing backers Peak XV and Z47 amid a regulatory overhang suggests a bridge-style raise, opening the door for partnership or consolidation talks if the co-branded pause persists.
What to watch next
- Full Series D round size and final valuation confirmation
- FY26 revenue growth vs loss trajectory disclosures
- New bank partnership announcements or exits
- Any layoffs or cost-cutting signals
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- OneCard accelerates in-house credit/lending and OneScore monetization to offset frozen co-branded card acquisition
- Management guides toward narrowing losses and a path to profitability to justify unicorn mark
- Seek additional Series D tranches from existing backers rather than new lead investors
- Engage RBI/partner banks to restore onboarding compliance and resume card issuance
The source
First seen