Alteria Capital infuses 120 crore of debt to OneCard's parent

Bengaluru: Venture debt fund Alteria Capital has infused 120 crore in mobile first credit card startup OneCard's parent company FPL Technologies. OneCard aims to enhance customer experience by building innovative products with more features and personalized offerings through this fund. "The partnership with Alteria will help us fuel these initiatives faster, empowering us to scale new heights in the new age credit card landscape," OneCard's founder Anurag Sinha said in the statement.

Alteria's new investment comes as venture debt rapidly evolves in the Indian market across sectors and companies's 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 in 2019, OneCard operates under FPL Technologies in partnership with issuer banks. FPL was founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, who have expertise in payments, credit, and building and scaling digital businesses. "We have been tracking OneCard from its early days as they reimagined credit cards for the new age Indian consumer," said Vinod Murali, co founder and managing partner, Alteria Capital.

OneCard uses technology to simplify digital banking services, allowing users to manage their credit cards seamlessly through its app. The app integrates essential credit card functionalities like transactions, rewards, offers, credit on UPI, converting purchases into EMIs, and setting monthly spending budgets.

"The company has scaled well with crystallized use cases for leverage and efficient capital allocation," added Murali. Alteria Capital, one of India's largest debt providers, manages about 4,250 crores across three funds. It boasts a portfolio of more than 170 companies including Rebel Foods, Spinny, Mensa Brands, One Card, Zepto, Dealshare and Good Glamm Group among many others.

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