1947 Rise☀️: 205
Q2 || OneCard || Crypto & the pod with the founder of Pocket Aces and Loco
1. Funding in startups dropped by 17% to $6 billion in April-June: Nasscom
Funding in startups dropped by 17 per cent on quarter-on-quarter basis to USD 6 billion (about Rs 47,800 crore) in the April-June period, industry body Nasscom has said.
According to the Nasscom quarterly investment factbook on tech startups compiled in association with PGA Labs, deals also dropped by about 17 per cent due to dampened market sentiments but despite reduction in deal value, funding in growth stage continued to increase. The report said, “16 large ticket size deals helped generate a total funding of USD 6 billion in the second quarter (Q2) of calendar year (CY) 2022. Startup ecosystem witnessed the birth of 4 new unicorns in Q2 CY22, taking the tally to 20 unicorns in the first half.”
Around 26 per cent of the total funding went to fintech segment. “Large ticket deals like CRED and Dailyhunt resulted in overall increase in total investments in fintech and media and entertainment sectors, contributing around 45 per cent of total funding in Q2, CY22,” the report said.
Fifty-two per cent funding was in the ticket size of USD 100 million or above with Dailyhunt and ShareChat raising big rounds. Growth stage deals contributed 58 per cent of the total funding during the reported quarter as the investors backed startups have already reached a certain scale, the report said.
Funding in startups dropped by 17% to $6 billion in April-June: Nasscom
2. OneCard enters unicorn club, raises over $102 million, led by Temasek Holdings
OneCard’s parent FPL Technologies closed its Series D funding round of over $102 million led by Singapore-based Temasek Holdings (via MacRitchie Investments). The mobile-first credit card brand is now valued at over $1.4 billion.
Temasek invested around Rs 375 crore ($48 million as per dollar rates on July 13). Matrix Partners, QED Investors, Hummingbird Ventures, Sequoia Capital, and Sarv Investments also participated in this round, as per regulatory filings assessed by Moneycontrol.
FPL Technologies was founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi in 2019. While OneCard’s competitors in this space would be brands like Slice, Uni, Indiabulls Dhani, and PayU’s LazyPay, the company had maintained that it doesn’t offer Buy Now Pay Later solutions. It offers co-branded credit cards with banks and issues them only to customers with credit history and a good score, which it tracks through its other product OneScore, a credit score tracking and management app.
OneCard enters unicorn club, raises over $102 million, led by Temasek Holdings
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