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Temasek-backed fintech unicorn OneCard has reported a 6.5X jump in operating revenue in FY23, even as the company’s losses ballooned 122% to Rs 405.6 crore from Rs 183 crore in the previous fiscal. 

Revenue from operations saw a substantial jump from Rs 83 crore to Rs 541 crore in FY23, according to the company’s filings with the Ministry of Corporate Affairs.

As it entered its fourth operational year, the digital credit card provider’s expenses rose 257% to Rs 999 crore on the back of employee benefit costs and other expenses, including marketing and promotional costs and card issuance expenses. Its employee benefit costs surged from Rs 43 crore in FY22 to Rs 130 crore in FY23 while other expenses were up 267%. 

The Pune-based company had a negative operating cash flow of Rs 571 crore, against Rs 308 crore in FY22. 

Founded in 2019 by Vibhav Hathi, Anurag Sinha, and Rupesh Kumar, OneCard (FPL Technologies) offers co-branded credit cards to customers in partnership with banks such as IDFC First Bank, Federal Bank, and SBM Bank, along with value-adds like credit score tracking and the credit management app OneScore. 

The company, which competes with the likes of Tiger Global-backed Slice and Uni in offering co-branded credit cards to younger audience, turned unicorn last year after raising $100 million in a Series D round led by Temasek, at a valuation of $1.32 billion.

Its other backers include Peak XV Partners (formerly Sequoia), Matrix Partners India, QED Holdings, Hummingbird Ventures, MacRitchie Investments, Ocean View, and angel investors.