OneCard’s revenue jumps 32% to Rs 1,878 crore in FY25 as losses narrow

Mobile-first credit card startup OneCard is closing in on the Rs 2,000 crore revenue mark, even as it continues to rein in losses amid tighter regulatory scrutiny around co-branded cards.

OneCard’s parent, FPL Technologies, reported operating revenue of Rs 1,878 crore in FY25, up 32% from Rs 1,425.5 crore in FY24, according to its financial statement sourced from the Registrar of Companies (RoC). Total revenue crossed Rs 1,900 crore during the year ended March 31, 2025.

Founded in 2019, the company issues co-branded credit cards, largely targeted at first-time users, through partnerships with IDFC First Bank, Federal Bank and SBM Bank. It also operates OneScore, an app focused on credit score tracking and credit management. Revenue from these services remained the company’s sole source of income.

Despite the growth, OneCard stayed loss-making, though cash burn eased. The company’s loss narrowed 26% to Rs 297.5 crore in FY25 from Rs 401 crore in FY24. Expenses rose 18% to Rs 2,206 crore from Rs 1,866 crore, but the company did not disclose a detailed breakdown for most of its costs, with 73% of total expenditure reported under miscellaneous expenses.

Advertising and promotional spending fell nearly 40% to Rs 294 crore from Rs 488 crore. Employee benefit expenses increased 26% to Rs 181.5 crore, while IT expenses rose 14% to Rs 67 crore. Finance costs almost doubled to Rs 18 crore.

The company ended FY25 with cash and bank balances of Rs 321 crore, down from Rs 447.5 crore a year earlier. Current assets stood at Rs 907 crore.