OneCard's revenue jumps, but challenges remain
OneCard's parent, FPL Technologies, saw its revenue leap 32% to ₹1,878 crore in FY25—pretty impressive growth for a fintech company.
Losses shrank too, down to ₹297.5 crore from last year's ₹401 crore. Still in the red, but moving in the right direction.
Where the money comes from—and where it goes
Most of OneCard's earnings came from co-branded credit cards with banks like IDFC First and Federal Bank, plus their OneScore app.
Expenses rose 18% to ₹2,206 crore overall, but they did manage to cut advertising costs by 40%.
For every rupee earned, it now costs them just ₹1.17—so efficiency is improving.
Cash on hand and regulatory speed bumps
By year-end, OneCard had ₹321 crore in cash and plans to raise more funds through debentures.
But not everything is smooth sailing: the RBI has raised concerns about data sharing and asked partner banks to pause new card issuances.
So while growth looks solid on paper, regulatory hurdles could shape what comes next for OneCard.