OneCard reported a 32% year-on-year increase in operating revenue for FY25, reaching ₹1,878 crore, underscoring rising consumer adoption of its mobile-first credit offerings as the company consolidates its position in India’s digital credit market.
Revenue and business model
OneCard’s operating revenue rose from ₹1,425 crore in FY24 to ₹1,878 crore in FY25. Including miscellaneous and other income streams, total revenue crossed the ₹1,900 crore mark, reflecting broad-based traction across fee, commission and ancillary income lines.
The company operates a partnership-led model with banks, enabling scale without direct lending exposure. It targets young professionals and first-time credit card users through app-led onboarding, granular card controls and a transparent fee structure—features that have helped it gain market share in a competitive fintech landscape.
Profitability and cost dynamics
OneCard narrowed its net loss to about ₹297.5 crore in FY25 from ₹401 crore a year earlier, signalling improved operational discipline and better unit economics. Total expenses rose to ₹2,206 crore from ₹1,866 crore in FY24, but expense growth lagged revenue expansion.
Spending on employee benefits and technology increased as the company invested in its platform and capabilities, while a significant portion of outgoings remained classified under miscellaneous expenses. The improvement in the loss profile points to gains in efficiency even as the business scales.
Marketing, cash position and balance sheet
Marketing and promotional spends fell sharply—by nearly 40% year-on-year—indicating a shift from aggressive customer acquisition to organic growth channels such as referrals and brand traction. This suggests OneCard is moving toward monetising and retaining its existing customer base rather than relying solely on paid acquisition.
At end-March 2025, cash and bank balances stood at ₹321 crore, down from ₹447.5 crore a year earlier. Current assets totalled ₹907 crore, reflecting continued capital deployment into growth and operations. While cash reserves declined, the narrower losses point to a pathway toward a more sustainable financial structure.
Sector context and outlook
OneCard’s FY25 performance mirrors a broader shift in India’s fintech sector, where firms increasingly prioritise sustainable growth and tighter cost management over unchecked expansion. Improved regulatory clarity and rising consumer trust in digital finance are creating a more favourable environment for fintechs that balance scale with financial discipline.
With revenues approaching the ₹2,000 crore threshold and losses shrinking, OneCard is poised to focus on deeper customer engagement, expanded product features and continued cost optimisation as it seeks to consolidate its position in India’s evolving digital credit market.
