OneCard reported a 32% year-on-year rise in operating revenue to ₹1,878 crore for the financial year ended March 31, 2025, reflecting stronger consumer adoption of its mobile-first credit card offering amid a fast-growing Indian digital payments market.
Revenue and business model
OneCard’s operating revenue growth comes as digital credit adoption accelerates among young professionals and first-time card users. The fintech’s app-centric onboarding, real-time controls and transparent fee structure have helped it differentiate in a crowded market.
Including other income streams, the company’s total revenue for FY25 crossed ₹1,900 crore. OneCard scales primarily through a partnership-led model with banks, which lets it capture fees and commissions without taking on direct lending risk.
Profitability and cost dynamics
Although OneCard remains loss-making, its net loss narrowed to about ₹297.5 crore in FY25 from ₹401 crore in FY24, indicating improved operational efficiency and tighter cost control.
Total expenses increased to ₹2,206 crore from ₹1,866 crore a year earlier, but expense growth lagged revenue expansion—an early sign of improving unit economics. The company reported higher spending on employee benefits and technology as it invested in platform capabilities, while a substantial portion of outlays was classified under miscellaneous expenses.
Marketing spend and customer acquisition
Marketing and promotional expenditure declined sharply in FY25, falling nearly 40% year-on-year. The reduction points to a transition from heavy paid acquisition toward organic growth channels, referrals and stronger brand traction.
This shift suggests OneCard is moving from aggressive customer acquisition to a strategy focused on retention and monetising its existing user base—typical of fintechs entering a more mature growth phase.
Balance sheet and cash position
Cash and bank balances stood at ₹321 crore at the end of FY25, down from ₹447.5 crore a year earlier. Current assets were reported at ₹907 crore, reflecting ongoing investments in operations and growth initiatives.
The decline in cash reserves underscores continued capital deployment, but the narrowing losses indicate progress toward a more sustainable financial profile.
Outlook and sector context
With revenues approaching the ₹2,000 crore mark and improving loss metrics, OneCard appears to be stabilising and will likely prioritise deeper customer engagement, product expansion and further cost discipline.
Its FY25 performance mirrors a broader shift in India’s fintech sector, where startups increasingly emphasise sustainable growth over unchecked scale. As regulatory clarity and consumer confidence in digital finance strengthen, fintechs that balance scale with financial prudence are better positioned to consolidate market share.
