FPL Technologies, which disburses OneCard branded credit cards, raised close to $76 million (Rs 565 crore) from Delaware-based QED Fund, and Singapore-based Ocean View Investment.
Existing investors including Sequoia Capital India, Matrix Partners India and Hummingbird Ventures also participated in the round, according to regulatory filing sourced from Registrar of Companies.
The funding comes at a time when fintech startups offering credit cards enabling buy now pay later (BNPL) targeting millennials are taking off. The trend has kicked in due accelerated online shopping induced by pandemic-led lockdowns, among other factors.
FPL Technologies' OneCard currently offers services in 12 cities across India including Mumbai, Bengaluru, Delhi, and NCR.