OneCard - OneCard Lite

[Smh]

Fintech Unicorn OneCard’s FY22 Loss Widens 5.5X To INR 183 Cr As Advertising Cost Surges

OneCard’s net loss widened over 5.5X to INR 182.76 Cr in the financial year 2021-22 from INR 33.19 Cr in the previous fiscal year

inc42.com

where this company is spending so much money? They are only the middle man, credit is provided by partner bank's money.

 

[minuteman]

They sell users info and make money from that. If you want proof try checking your cibil score on their onescore app you'll immediately receive calls from bajaj finance and moneyview for personal loans

 

[Jonas]

They want me to open a savings account now.

 

[Smh]

I use both their card and one score sometimes. Bajaj called me but don't know from where data was leaked.

Because they have a simple app this card has become my primary card, not the best option but really simple.

Are they spending 180cr on marketing? Their tech is okayish but cannot cost so much and support in non-existent. Swiggy zomato has better support.

 

[pothi]

OneCard is still valued at a little over 1b and is looking for another $100m funds. Exclusive: Fintech unicorn OneCard seeks $100 Mn at flat valuation . How would investors get back all that money? Would take decades to earn 1b USD.

 

[Smh]

IPO? It's all crazy valuation game at this point.

 

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[Jonas]

So the company will go bankrupt in like, 3-4 years from now?

 

[pothi]

May be. We can't predict the future. However, it is unique in India with almost no competition so far from third party. Only existing banks are the real competition. Anyone having a savings account with a leading bank can get a credit card in less than 6 months of opening an account. That said those current partner banks don't want to invest in technology and to spend money to acquire new customers. IDFC withdrew from the partnership because they have enough money to spend on tech and to aquire new customers. Most of its credit cards have the same zero joining and annual fees too. The real question is how OneCard can make 1b USD that comes to 8000 crores in INR.

@Smh no. It's pre-ipo funding. As per sebi, to be eligible for ipo, one of the requirements is to be profitable for two consecutive years. I don't think onecard is profitable yet.

 

[royalroy]

@pothi Was Zomato profitable for 2 years before going for the IPO?

 

[pothi]

As per Zomato IPO - Check Issue Date, Price, Lot Size & Details , no. Probably revenue is the requirement. Positive revenue.