Mobile-first credit card startup OneCard (FPL Technologies) continued its growth trajectory in FY25, posting operating revenue of ₹1,878 crore, up 32% from ₹1,425.5 crore in FY24, according to filings with the Registrar of Companies (RoC). The company also reported a 26% reduction in losses, with net losses declining to ₹297.5 crore from ₹401 crore in the previous fiscal year.
Founded in 2019, OneCard offers co-branded credit cards targeting firsttime users through partnerships with IDFC First Bank, Federal Bank, and SBM Bank. Its services also include OneScore, an app for credit score tracking and management, which contributed to the company’s revenue growth.
On the expense side, total costs rose 18% to ₹2,206 crore in FY25 from ₹1,866 crore in FY24. However, the company cut advertising and promotional expenses by nearly 40%, from ₹488 crore to ₹294 crore, while employee benefits and IT expenses increased 26% and 14%, respectively. Finance costs nearly doubled to ₹18 crore. Notably, 73% of expenses were reported under miscellaneous items, with limited disclosure of the breakdown.
Operational efficiency improved, with OneCard spending ₹1.17 to earn Re 1 of revenue, compared to ₹1.31 in FY24. Its ROCE and EBITDA margin stood at -41.03% and -15.71%, respectively. The company held cash and bank balances of ₹321 crore and total current assets of ₹907 crore at the end of FY25.
OneCard has raised over $270 million to date and is in the process of raising an additional ₹40 crore (~$4.5 million) in debt funding from existing investor Alteria Capital.
The company recently came under scrutiny from the Reserve Bank of India (RBI), which reportedly asked partner banks to halt the issuance of co-branded credit cards pending clarity on data-sharing practices. Despite regulatory challenges, OneCard continues to strengthen its foothold in India’s digital credit card market.
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