25 October 2023
According to OneCard's filings with the Ministry of Corporate Affairs, revenue from operations soared from Rs 83 crore to Rs 541 crore in FY23. Meanwhile, the company's expenses rose sharply by 257 per cent to Rs 999 crore, primarily due to employee benefits, marketing and promotional costs, and card issuance expenses. Employee benefit costs specifically surged from Rs 43 crore to Rs 130 crore in FY23.
OneCard had a negative operating cash flow of Rs 571 crore in FY23, compared to Rs 308 crore in the previous fiscal year. Despite these challenges, OneCard has established itself as a successful digital credit card provider by offering co-branded credit cards in collaboration with banks such as IDFC First Bank, Federal Bank, and SBM Bank. They also provide value-added services like credit score tracking and the OneScore credit management app. Despite experiencing a significant increase in losses, the company's operating revenue witnessed an impressive 6.5X jump.
According to OneCard's filings with the Ministry of Corporate Affairs, revenue from operations soared from Rs 83 crore to Rs 541 crore in FY23. Meanwhile, the company's expenses rose sharply by 257 per cent to Rs 999 crore, primarily due to employee benefits, marketing and promotional costs, and card issuance expenses. Employee benefit costs specifically surged from Rs 43 crore to Rs 130 crore in FY23.
OneCard had a negative operating cash flow of Rs 571 crore in FY23, compared to Rs 308 crore in the previous fiscal year. Despite these challenges, OneCard has established itself as a successful digital credit card provider by offering co-branded credit cards in collaboration with banks such as IDFC First Bank, Federal Bank, and SBM Bank. They also provide value-added services like credit score tracking and the OneScore credit management app. Despite experiencing a significant increase in losses, the company's operating revenue witnessed an impressive 6.5X jump.
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