OneCard’s Parent Secures $14.4 Mn From Alteria Capital

Venture debt fund Alteria Capital, which counts Rebel Foods, Spinny, Mensa Brands and Zepto as among its portfolio companies, has infused INR 120 Cr ($14.4 Mn) into fintech unicorn’s parent entity FPL Technologies.The funding comes within two weeks after OneCard secured INR 95 Cr ($11.44 Mn) in debt capital from Alteria Capital.

OneCard will deploy the fresh proceeds to scale up customer experience by developing innovative products, incorporating additional features and offering personalised solutions. “The partnership with Alteria will help us fuel these initiatives faster, empowering us to scale new heights in the new-age credit card landscape,” Mint reported, citing OneCard’s founder Anurag Sinha in a statement.

Alteria’s recent investment reflects the evolving landscape of venture debt in the Indian market, catering to startups across sectors and growth stages. Later-stage startups are encouraged by the utility of debt for very focused end uses which can fuel the company’s growth in the medium term, the statement said. Founded by Sinha, Rupesh Kumar and Vibhav Hathi in 2018, OneCard offers a co-branded credit card in partnership with banks such as Federal Bank and Bank of Baroda Financial, among others. The platform also offers credit card-related services such as credit score check and an expense management application.