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FPL Technologies Revenue, Valuation, Funding & Investors
FPL Technologies is valued at $1.4B as of November 2024, a 24.0x multiple on its last reported $58M revenue.
Last FPL Technologies valuation
$1.4B
Undisclosed stage · Nov 2024
Last FPL Technologies funding round
$29M
Undisclosed stage · Nov 2024
FPL Technologies revenue
$58M
Undisclosed stage · Nov 2024
Key investors in FPL Technologies
Peak XV Partners
Hummingbird Ventures
Z47
QED Investors
GIC
Sequoia Capital
About FPL Technologies
FPL Technologies is a Mumbai-based fintech developing credit card infrastructure for India's digital economy. Founded in 2018, it powers the OneScore app launched in 2021 for credit score management and lifecycle tools. The full-stack platform serves millennials via mobile integrations with 20 banks. FPL processes 1 million transactions monthly post-demonetization growth.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$58M (Nov 2024)
Valuation
$1.4B (Nov 2024)
FPL Technologies Valuation
FPL Technologies is currently valued at $1.4B, based on its undisclosed-stage round in November 2024.
The $29M round included Better Tomorrow Ventures, Z47 and Peak XV Partners.
FPL Technologies' valuation has grown 7.6x from $183M at its Series B in April 2021 to $1.4B in November 2024, across 4 priced rounds.
FPL Technologies valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2024 | Undisclosed stage | $1.4B | 24.0x |
| Jul 2022 | Series D | $1.4B | 140.0x |
| Dec 2021 | Series C | $750M | 75.0x |
| Apr 2021 | Series B | $183M | - |
FPL Technologies Revenue
FPL Technologies' latest recorded revenue is $58M, as of its undisclosed-stage round in November 2024. At a $1.4B valuation, that implies a 24.0x revenue multiple.
Revenue grew from $10M in December 2021 to $58M in November 2024, while the revenue multiple moved from 75.0x to 24.0x.
FPL Technologies revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2024 | $58M | $1.4B | 24.0x | Undisclosed stage |
| Jul 2022 | $10M | $1.4B | 140.0x | Series D |
| Dec 2021 | $10M | $750M | 75.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
FPL Technologies Funding History
FPL Technologies has raised a total of $254M across 7 funding rounds.
FPL Technologies' first fundraising round was a $5M seed round in September 2019. The most recent completed round was a $29M undisclosed-stage round in November 2024.
FPL Technologies funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2024 | Undisclosed stage | Better Tomorrow Ventures; Z47; Peak XV Partners | $29M | $1.4B | FPL Technologies Pvt Ltd operates OneCard, a credit card platform and fintech unicorn based in Pune, India. The company raised approximately $28.5 million (Rs 240 crore) in a bridge funding round around November 2024 from Better Tomorrow Ventures ($5M), Peak XV Partners ($1M), and Z47 ($2.5M), with plans to raise the remainder in additional tranches. This round values the company at $1.4 billion post-money, up from its $1.2 billion unicorn valuation in 2022 following a $100 million Series E led by Temasek Holdings, QED Investors, Ocean View Investment, and Peak XV. Financially, FPL Technologies reported revenue from operations of Rs 541 crore in FY23, a significant increase from Rs 84 crore in FY22, driven by expansion in its credit card business. However, net losses widened to Rs 406 crore in FY23 from Rs 183 crore the prior year, attributed to increased spending on employees and marketing. The bridge round adds Better Tomorrow Ventures to the cap table alongside existing investors Peak XV and Z47. OneCard, which achieved unicorn status in 2022, continues to operate in India's competitive fintech lending space amid ongoing investments to scale operations despite profitability challenges. |
| Jul 2022 | Series D | MacRitchie Investments (lead); Ocean View Investment; Hummingbird Ventures; GIC; QED; DMI AIF Sparkle Fund; Z47; Sarv Investments; Peak XV Partners | $101M | $1.4B | FPL Technologies, operating the mobile-first credit card brand OneCard in India, closed a Series D funding round of over $100 million in July 2022, led by Singapore's Temasek through MacRitchie Investments which invested approximately $46.9-48 million, with participation from existing investors including Sequoia Capital India (now Peak XV Partners), Matrix Partners India, Hummingbird Ventures, QED Investors, and Sarv Investments, among others like GIC, Ocean View Investment, and Z47. The round valued the company at over $1.4 billion post-money, nearly doubling the $750 million valuation from its prior $75 million Series C in January 2022 led by QED Investors, marking its entry into unicorn status. OneCard provides co-branded virtual and physical credit cards in partnership with banks such as Federal Bank, South Indian Bank, IDFC Bank, Bank of Baroda’s BOB Financial Solutions, and State Bank of Mauritius, issuing cards only to customers with established credit history and good scores. It also offers OneScore, a credit score tracking and management app. Competitors include Slice, Uni, Indiabulls Dhani, and PayU’s LazyPay, though OneCard differentiates by avoiding Buy Now Pay Later products. The company was founded in 2019 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, with prior funding including a $4.5 million seed round from Matrix Partners India and Sequoia India. |
| Dec 2021 | Series C | QED Investors (lead); Hummingbird Ventures; GIC; Janchor Partners; Peak XV Partners | $75M | $750M | FPL Technologies, the parent company of fintech products OneCard and OneScore, raised $75 million in its Series C funding round led by existing investor QED Investors, with participation from Janchor Partners, Sequoia Capital India (now Peak XV Partners), Matrix Partners, and Hummingbird Ventures. The round valued the company at a post-money valuation of $750 million, bringing total funding to approximately $125 million following a $35 million Series B 10 months prior. Founded in 2019 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi in Pune, India, FPL focuses on digital lending and credit health management for customers with existing credit history. OneScore, launched first, is a no-spam platform providing free credit score checks and personalized insights, amassing over 10 million users within two years. OneCard is a mobile-first metal credit card product aimed at expanding credit card access in India, where only 34 million people hold cards despite 90 million eligible individuals. The company competes with players like Slice, Uni, LazyPay, and Indiabulls Dhani in the growing BNPL and digital lending markets. Proceeds from the round are earmarked for expanding the user base, scaling product teams, growing OneCard issuance, strengthening consumer value propositions, and nationwide expansion. CEO Anurag Sinha noted ongoing talks with investors amid rapid market growth in credit, highlighting large opportunities in India's credit space. |
| Apr 2021 | Series B | QED Investors (lead); Oceanview Capital Partners | $10M | $183M | - |
| Feb 2021 | Series B | Sequoia Capital (lead); Hari Velayudan; Hummingbird Ventures; Disha Shah | $25M | - | FPL Technologies is a Pune-based Indian fintech startup founded in 2019 by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi. The company operates two main products: OneCard, a mobile-first VISA Signature credit card built on a proprietary full-stack technology platform, and OneScore, a digital credit score platform offering free credit score checks and personalized credit health insights. The company focuses on digitally savvy young Indians and customers with existing credit history, positioning itself in the growing BNPL and digital lending market alongside competitors like Slice, Uni, LazyPay, and Indiabulls Dhani. According to available records, FPL Technologies raised $10 million in Series A funding with participation from Sequoia India, Matrix Partners India, Hummingbird Ventures, and angel investors, bringing total funding at that stage to approximately $15 million. Subsequently, the company raised $35 million in Series B funding, and in January 2022, completed a Series C round of $75 million led by QED Investors with participation from Janchor Partners, Sequoia Capital India, Matrix Partners, and Hummingbird Ventures, valuing the company at $750 million post-money. OneScore had achieved 10 million users by the time of the Series C announcement. |
| Aug 2020 | Series A | Hummingbird Ventures (lead); Peak XV Partners (lead); Z47 (lead) | $10M | - | FPL Technologies raised $10 million in its Series A funding round on August 18, 2020, from Sequoia India (Peak XV Partners), Matrix Partners India (Z47), Hummingbird Ventures, and angel investors. The funding brought total capital raised since launch to approximately $15 million. Proceeds were allocated to scale engineering and product teams to expand issuance of OneCard, a mobile-first VISA Signature metal credit card issued in partnership with a bank and applied for digitally via the OneScore app. OneCard targets digitally savvy young Indians with simplicity, transparency, and enhanced rewards redeemable in-app, available initially in 12 cities including Mumbai, Delhi-NCR, Bengaluru, and others, with plans for geographic expansion. FPL Technologies, based in Pune, launched in 2019 with OneScore, a no-spam digital credit score platform for monitoring credit health. |
| Sep 2019 | Seed | Peak XV Partners (lead) | $5M | - | - |
Who has invested in FPL Technologies?
16 investors have backed FPL Technologies across its funding rounds, including Peak XV Partners, Hummingbird Ventures, Z47, QED Investors, GIC and Sequoia Capital.
Lead investors include MacRitchie Investments, QED Investors, Sequoia Capital, Hummingbird Ventures, Peak XV Partners and 1 other investor.
FPL Technologies Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Sep 2019 | ||
| 4 | Lead | Aug 2020 | ||
| 3 | Lead | Aug 2020 | ||
| 2 | Participant | Dec 2021 | ||
| 2 | Lead | Apr 2021 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Participant | Nov 2024 | ||
| 1 | Participant | Feb 2021 | ||
| 1 | Lead | Jul 2022 | ||
| 1 | Participant | Jul 2022 | ||
| 1 | Lead | Feb 2021 | ||
| 1 | Participant | Apr 2021 | ||
| 1 | Participant | Jul 2022 | ||
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Start Free TrialFPL Technologies Competitors
FPL Technologies competitors include listed companies like Freee and 74Software, and private ones like Taxfix, KOHO Financial, Qonto and TaxBit.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $64M | - | $1B | 15.6x | ||
| Private | $100M | - | $961M | - | ||
| Private | $183M | - | $5.1B | 27.7x | ||
| Private | - | - | $1.3B | - | ||
| Publicly listed | $214M | $6M | $1.5B | 4.8x | ||
| Publicly listed | $814M | $112M | $1.3B | 1.8x |
FPL Technologies Public Comps
FPL Technologies is still privately-owned, but its public comps include Freee, 74Software, PicPay, Wealthfront, Kbank, BlackLine, Agibank, Superbank Indonesia, Forbright Bank and Wema Bank.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $214M | $6M | 6.3x | 4.8x | 237.7x | 65.4x | |||
| $814M | $112M | 1.9x | 1.8x | 13.7x | 9.8x | |||
| $1.2B | $205M | 1.0x | 0.5x | 6.0x | 3.8x | |||
| $365M | ($93M) | 4.3x | 4.2x | (17.0x) | 9.9x | |||
| $461M | - | 3.5x | 4.2x | - | - | |||
| $700M | $72M | 2.6x | 2.5x | 25.6x | 8.5x | |||
| $1.3B | $227M | 0.8x | 0.6x | 4.4x | 5.3x | |||
| $89M | - | 10.8x | - | - | - | |||
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Common questions about FPL Technologies
| When was FPL Technologies founded? | FPL Technologies was founded in 2019. |
| Where is FPL Technologies headquartered? | FPL Technologies is headquartered in Pune, India. |
| Is FPL Technologies publicly listed? | No, FPL Technologies is a private, VC-backed company. |
| What is FPL Technologies' valuation? | FPL Technologies was last valued at $1.4B in its undisclosed-stage round in November 2024. |
| How much funding has FPL Technologies raised? | FPL Technologies has raised $254M across 7 funding rounds. |
| What was FPL Technologies' last funding round? | FPL Technologies' last funding round was a $29M undisclosed-stage round in November 2024. |
| Who are FPL Technologies' investors? | FPL Technologies' investors include Peak XV Partners, Hummingbird Ventures, Z47, GIC, QED Investors, Ocean View Investment, Better Tomorrow Ventures, Hari Velayudan, MacRitchie Investments, QED and 6 others. |
| What is FPL Technologies' revenue? | FPL Technologies' latest recorded revenue is $58M (November 2024). |
| What is FPL Technologies' revenue multiple? | FPL Technologies' latest valuation implies a 24.0x revenue multiple ($1.4B valuation on $58M of revenue). |
| Which companies are comparable to FPL Technologies? | Companies comparable to FPL Technologies include Taxfix, KOHO Financial, Qonto, TaxBit, Freee and 74Software. |
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