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

FPL Technologies Overview

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

IndiaPune

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
FPL Technologies valuation by funding round
DateStageValuationRevenue Multiple
Nov 2024Undisclosed stage$1.4B24.0x
Jul 2022Series D$1.4B140.0x
Dec 2021Series C$750M75.0x
Apr 2021Series 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

FPL Technologies revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Nov 2024$58M$1.4B24.0xUndisclosed stage
Jul 2022$10M$1.4B140.0xSeries D
Dec 2021$10M$750M75.0xSeries 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

FPL Technologies funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2024Undisclosed stageBetter Tomorrow Ventures; Z47; Peak XV Partners$29M$1.4BFPL 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 2022Series DMacRitchie Investments (lead); Ocean View Investment; Hummingbird Ventures; GIC; QED; DMI AIF Sparkle Fund; Z47; Sarv Investments; Peak XV Partners$101M$1.4BFPL 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 2021Series CQED Investors (lead); Hummingbird Ventures; GIC; Janchor Partners; Peak XV Partners$75M$750MFPL 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 2021Series BQED Investors (lead); Oceanview Capital Partners$10M$183M-
Feb 2021Series BSequoia 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 2020Series AHummingbird 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 2019SeedPeak 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

Investors in FPL Technologies by funding rounds participated
InvestorHQRoundsRoleFirst check
Peak XV PartnersIndiaBangalore5LeadSep 2019
Hummingbird VenturesBelgiumBrussels4LeadAug 2020
Z47IndiaMumbai3LeadAug 2020
GICSingaporeSingapore2ParticipantDec 2021
QED InvestorsUnited StatesAlexandria, VA2LeadApr 2021
Ocean View InvestmentUnited StatesLos Angeles, CA1ParticipantJul 2022
Better Tomorrow VenturesUnited StatesSan Francisco, CA1ParticipantNov 2024
Hari VelayudanIndiaPune1ParticipantFeb 2021
MacRitchie InvestmentsSingaporeSingapore1LeadJul 2022
QEDUnited StatesWashington, DC1ParticipantJul 2022
Sequoia CapitalUnited StatesSan Francisco, CA1LeadFeb 2021
Oceanview Capital PartnersUnited StatesLos Angeles, CA1ParticipantApr 2021
DMI AIF Sparkle FundIndiaNew Delhi1ParticipantJul 2022

This data is available for Pro users. Sign up to see all 16 FPL Technologies investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

FPL Technologies Competitors

FPL Technologies competitors include listed companies like Freee and 74Software, and private ones like Taxfix, KOHO Financial, Qonto and TaxBit.

Public and private companies comparable to FPL Technologies
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
TaxfixGermanyBerlinPrivate$64M-$1B15.6x
KOHO FinancialCanadaTorontoPrivate$100M-$961M-
QontoFranceParisPrivate$183M-$5.1B27.7x
TaxBitUnited StatesSalt Lake City, UTPrivate--$1.3B-
FreeeJapanJapanPublicly listed$214M$6M$1.5B4.8x
74SoftwareFranceFrancePublicly listed$814M$112M$1.3B1.8x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Freee$214M$6M6.3x4.8x237.7x65.4x
74Software$814M$112M1.9x1.8x13.7x9.8x
PicPay$1.2B$205M1.0x0.5x6.0x3.8x
Wealthfront$365M($93M)4.3x4.2x(17.0x)9.9x
Kbank$461M-3.5x4.2x--
BlackLine$700M$72M2.6x2.5x25.6x8.5x
Agibank$1.3B$227M0.8x0.6x4.4x5.3x
Superbank Indonesia$89M-10.8x---

This data is available for Pro users. Sign up to see all FPL Technologies competitors and their valuation data.

Start Free Trial

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.

See companies similar to FPL Technologies

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial