Fintech Unicorn OneCard’s FY22 Reduction Widens 5.5X To INR 183 Cr As Marketing Expense Surges

Pune-dependent OneCard’s web loss widened about 5.5X to INR 182.76 Cr in the money 12 months 2021-22 (FY22) from INR 33.19 Cr in the previous fiscal 12 months as its expenditures surged, in line with the growth in business enterprise.

The fintech unicorn’s income from operations grew 7.8X to INR 83.78 Cr from INR 10.78 Cr in FY21. The startup, which leverages technologies to start credit history card and other IT-enabled economic options in partnership with banks and economic establishments, attained its total running revenue from sale of providers.

Full profits, such as other income, grew 6X to INR 97.85 Cr from INR 16.39 Cr in FY21.

Meanwhile, whole fees ballooned, led by a sharp increase in advertising and marketing and promotional expenses. OneCard’s overall bills rose 5.7X to INR 280.61 Cr in FY22 from INR 49.58 Cr in FY21.

Other fees, which incorporated hire, insurance policies, promoting and marketing charges, amid other folks, accounted for the greatest chunk of fees. The fintech startup’s other bills rose 6.6X to INR 235.12 Cr from INR 35.5 Cr in FY21.

Promoting promotional charges noticed a whopping 10.5X rise to INR 124.16 Cr in FY22 from INR 11.8 Cr in the preceding financial 12 months.

Worker advantage expenditures grew 3.2X to INR 43.17 Cr from INR 11.18 Cr in the former year.

OneCard, launched in 2018 by Anurag Sinha, Rupesh Kumar and Vaibhav Hathi, challenges co-branded credit rating playing cards in partnership with the likes of South Indian Lender, Federal Bank, BoB Money, and SMB Bank. It introduced its first cell metal card in 2020. The startup also offers OneScore, a electronic credit history rating system featuring cost-free credit score rating checks.

OneCard entered the unicorn club final year after it elevated about $100 Mn (about INR 802 Cr) in a funding spherical led by Singapore’s sovereign fund Temasek. The startup has lifted $227 Mn funding to day and is backed by marquee names like GIC, QED Buyers, and Sequoia Money.

OneCard competes with the likes of Slice, Karbon Card, Uni Card, Kodo Card.

Previously this month, OneCard submitted a cyber fraud criticism with the Delhi Police right after 5 fraudsters duped the startup by procuring solutions truly worth INR 21.32 Lakh through credit history playing cards. The fraudsters employed PAN details and names of Bollywood actors and celebrities to get OneCard credit rating cards.