FPL Tech raises Rs 183 Cr Series B round

Pune: FPL Technologies, the makers of mobile-first credit card OneCard, has raised Rs 183 crore in its Series B round led by existing backer Sequoia Capital, allotting preference shares to three existing venture capitals and two individuals.

Sequoia has infused Rs 133.26 crore followed by Rs 38.7 crore by Matrix and Rs 11 crore by Hummingbird Ventures, regulatory filings show. Individual investors Disha Shah and Hari Velayudan also pumped in Rs 4.4 lakh each in the two-year-old startup. Velayudan is the chief operating officer of FPL’s core offering OneCard and had also invested in the firm’s previous round.

Launched by Vaibhav Hathi, Anurag Sinha, and Rupesh Kumar, FPL’s main product OneCard offers first-time credit card users a virtual as well as a physical card to build a credit score. FPL launched its app OneScore for Android and iOS users in June 2020. The apps help users to check and monitor their credit score and credit report.