Exclusive: OneCard to raise Rs 72 Cr in its ongoing Series D round led by Peak XV

OneCard is raising Rs 72 crore ($7.6 million) in its Series D round led by Peak XV Partners, with participation from Z47, Hummingbird Ventures, and angel investors.

The board passed a resolution to issue 21,639 CCPS at Rs 33,228.35 each to raise the funds, valuing the company at approximately Rs 12,050 crore ($1.27 billion).

Peak XV invests Rs 30 crore, Z47 Rs 9.5 crore, and individual investors contribute Rs 5-3 crore each; Hummingbird Ventures invests Rs 1.9 crore.

OneCard, founded in 2019 by Anurag Sinha and Rupesh Kumar, offers a mobile-first credit card platform in partnership with banks including IDFC FIRST Bank and Federal Bank.

Regulatory challenges persist: RBI asked partner banks to halt new customer onboarding in Dec 2025; the company has not yet resumed issuing co-branded credit cards.