One Card to raise Rs 240 crore from Better Tomorrow Ventures, Peak XV Partners and Z47

Pune-based fintech startup One Card, operated by FPL Technologies, is poised to raise Rs 239.4 crore in fresh equity funding from Better Tomorrow Ventures, along with existing investors Z47 (formerly Matrix Partners India) and Peak XV Partners.

According to filings with the Ministry of Corporate Affairs, the company's post-funding valuation is projected to be $1.1 billion, slightly lower than the $1.4 billion valuation it reached in 2022. As part of this fundraising effort, the company has already secured Rs 71.4 crore, with the remaining amount to be invested in future tranches.

In this round, Better Tomorrow Ventures has contributed Rs 42 crore, Peak XV has invested Rs 8.4 crore, and Z47 has provided around Rs 21 crore.