India’s fast-growing fintech startup OneCard has reported a strong financial performance for the financial year ended March 31, 2025. The company posted a 32% year-on-year increase in operating revenue, reaching ₹1,878 crore in FY25, compared to ₹1,425 crore in the previous year. The growth highlights OneCard’s increasing traction among Indian consumers and its steady expansion in the digital credit space.
Alongside healthy revenue growth, the company has also made progress on the profitability front. While OneCard continues to report losses, its net loss reduced significantly during the year, signalling improved financial discipline and operational efficiency.
Revenue Growth Reflects Strong Market Demand
OneCard’s revenue surge comes at a time when digital adoption across financial services in India is accelerating. The fintech offers a mobile-first credit card experience, primarily targeting young professionals and first-time credit card users. Its simple onboarding, app-driven controls, and transparent fee structure have helped the brand stand out in a crowded fintech market.
In FY25, OneCard’s total revenue crossed ₹1,900 crore when including other income streams, further underlining the momentum in its core business. The company’s partnership-led model with banks has allowed it to scale without taking direct lending risk, while still capturing value through fees and commissions.
Losses Narrow as Cost Controls Improve
Despite continued expansion, OneCard managed to reduce its net loss to around ₹297.5 crore in FY25, compared to a loss of ₹401 crore in FY24. This improvement reflects tighter control over spending and better cost management across operations.
Total expenses rose to ₹2,206 crore during the year, up from ₹1,866 crore in FY24. However, the pace of expense growth was slower than revenue growth, indicating improving unit economics. A large portion of costs fell under miscellaneous expenses, while spending on employee benefits and technology increased as the company invested in strengthening its platform and internal capabilities.
Advertising Spend Comes Down Sharply
One notable shift in FY25 was a sharp reduction in advertising and promotional expenses. Marketing spends were cut by nearly 40% compared to the previous year, suggesting that OneCard is increasingly relying on organic growth, referrals, and its established brand presence to acquire new customers.
This move may also indicate a more mature customer acquisition strategy, where the focus is shifting from aggressive user growth to building long-term value from existing customers.
Balance Sheet Position and Cash Reserves
At the end of FY25, OneCard reported cash and bank balances of ₹321 crore, lower than ₹447.5 crore a year earlier. Current assets stood at ₹907 crore, reflecting continued investment in business operations and growth initiatives.
While the decline in cash reserves shows ongoing capital usage, the improving loss profile suggests that the company is gradually moving towards a more sustainable financial structure.
Outlook for OneCard and the Fintech Sector
With revenues nearing the ₹2,000 crore mark and losses narrowing, OneCard appears to be entering a more stable phase of growth. The company is expected to focus on deepening customer engagement, expanding product features, and further tightening costs in the coming years.
More broadly, OneCard’s performance reflects a wider trend within India’s fintech ecosystem, where startups are now prioritising sustainable growth over unchecked expansion. As regulatory clarity improves and consumer trust in digital finance strengthens, fintech players that balance scale with financial discipline are likely to emerge stronger.
OneCard’s FY25 numbers indicate that while challenges remain, the company is steadily building a more resilient and mature business in India’s evolving digital credit landscape.