Indian fintech startup OneCard delivered a strong financial performance in FY25 as it combined rapid revenue growth with tighter cost discipline. The mobile-first credit card company reported operating revenue of ₹1,878 crore for the financial year ended March 2025, marking a sharp increase over the previous year. At the same time, OneCard reduced its net losses by 26%, signaling a clear shift toward operational efficiency even as it continued to invest in scale.
Strong revenue momentum driven by core credit card business
OneCard built its FY25 growth on the back of higher card usage, increased interest income, and stronger fee-based earnings. The company generated most of its revenue from interest on revolving credit, interchange fees, and merchant-related income tied to card transactions. As customer engagement deepened, spending volumes rose across online and offline categories, which directly lifted OneCard’s topline.
Compared to FY24 revenue of ₹1,425.5 crore, the company added more than ₹450 crore in incremental operating income in FY25. This growth reflected OneCard’s focus on its core product rather than aggressive diversification. Instead of launching multiple new financial products, the company concentrated on improving card usage frequency, credit limits, and repayment behavior.
OneCard also benefited from its digital-first operating model. The company relied heavily on app-based onboarding, card controls, and customer support, which allowed it to scale without building a large physical infrastructure. This approach helped OneCard grow revenue faster than expenses, a key theme in its FY25 performance.
Losses shrink as cost discipline improves
Alongside revenue growth, OneCard delivered a meaningful reduction in losses. The company reported a net loss of ₹297.5 crore in FY25, compared to ₹401 crore in FY24. This 26% decline in losses highlighted the impact of improved unit economics and disciplined spending.
OneCard reduced its cost-to-income ratio significantly during the year. In FY24, the company spent about ₹1.31 to earn every ₹1 of revenue. In FY25, that figure dropped to approximately ₹1.17. This improvement reflected better control over discretionary spending, higher revenue per customer, and improved risk management.
Marketing and advertising costs fell sharply during the year. OneCard relied less on expensive digital advertising campaigns and more on organic growth, referrals, and repeat usage by existing customers. This shift not only lowered costs but also improved customer quality, as engaged users tend to generate higher lifetime value.
Operational efficiencies across technology, customer servicing, and collections also contributed to the reduction in losses. OneCard invested earlier in automation and data-driven decision-making, which began to show financial benefits in FY25.
Expenses grow, but at a slower pace than revenue
Total expenses rose to ₹2,206 crore in FY25, up from the previous year. However, expense growth remained significantly lower than revenue growth, which helped narrow losses. Employee costs, technology expenses, and operational overheads continued to form a large part of the cost structure, reflecting the nature of a regulated financial services business.
OneCard allocated a sizable portion of its spending to “miscellaneous expenses,” which included technology infrastructure, third-party service fees, and compliance-related costs. As a credit card issuer operating through banking partnerships, the company had to maintain strict regulatory and operational standards, which required sustained investment.
Despite higher absolute expenses, OneCard showed restraint in scaling its cost base. The company avoided aggressive hiring and focused on productivity per employee. This strategy aligned with its broader goal of reaching profitability over the medium term.
Liquidity position remains adequate
At the end of March 2025, OneCard held cash and bank balances of around ₹321 crore. While this figure declined from ₹447.5 crore a year earlier, the company continued to maintain sufficient liquidity to support day-to-day operations.
The reduction in cash reserves reflected ongoing investments in growth, technology upgrades, and credit provisioning. OneCard also continued to rely on a mix of equity funding and debt facilities to support its lending operations. The company planned to raise additional debt capital of around ₹40 crore from existing investors to strengthen its balance sheet.
Since its inception, OneCard has raised over $270 million from investors. This capital allowed the company to absorb losses during its high-growth phase while building a scalable credit card platform.
Banking partnerships remain central to the model
OneCard operates through co-branded partnerships with banks such as IDFC First Bank, Federal Bank, and SBM Bank. These banks issue the cards and handle regulatory compliance, while OneCard manages customer experience, technology, and product design.
This partnership-driven model allowed OneCard to enter the market quickly without applying for a standalone banking license. However, it also exposed the company to regulatory and operational dependencies.
During FY25, OneCard faced increased scrutiny related to co-branded credit cards. The Reserve Bank of India asked several banks to pause new issuances in certain co-branded arrangements until they clarified data-sharing and governance practices. This development created short-term uncertainty for fintech-led card issuers, including OneCard.
Despite these challenges, OneCard continued to service existing customers and focused on portfolio quality. The company strengthened its internal controls and compliance frameworks to align closely with regulatory expectations.
Unit economics show visible improvement
OneCard’s FY25 numbers showed a clear improvement in unit economics. Higher revenue per active card, better repayment behavior, and controlled customer acquisition costs all contributed to this trend.
The company improved its credit underwriting models using transaction data and behavioral insights. These models helped OneCard reduce delinquencies and manage credit risk more effectively. Better risk performance reduced provisioning pressure and supported margin improvement.
Although OneCard still reported negative EBITDA and return on capital employed, both metrics improved compared to previous years. EBITDA margin stood at –15.71%, while ROCE remained negative at –41.03%. These figures highlighted the company’s ongoing journey toward profitability, but they also showed consistent progress.
Strategic outlook and path ahead
OneCard entered FY26 with a stronger foundation than in previous years. The company demonstrated that it could grow revenue rapidly while simultaneously reducing losses. This combination placed OneCard among a smaller group of Indian fintechs that began transitioning from growth-at-all-costs to sustainable scaling.
Going forward, OneCard plans to deepen engagement with existing users rather than chase aggressive expansion. The company aims to increase card usage frequency, introduce targeted offers, and improve cross-sell opportunities within its ecosystem.
Regulatory clarity around co-branded credit cards will play a crucial role in shaping OneCard’s growth trajectory. The company has already taken steps to align more closely with banking partners and regulatory guidelines.
Conclusion
OneCard’s FY25 performance marked a significant milestone in its evolution as a fintech company. By posting ₹1,878 crore in revenue and cutting losses by 26%, the startup demonstrated that disciplined execution and strong unit economics can coexist with scale. While profitability remains a work in progress, OneCard has clearly moved closer to building a sustainable, long-term credit card business in India’s competitive fintech landscape.
Also Read – Samsung C-Lab Startups Take Center Stage at CES 2026