Cell-first bank card startup OneCard is closing in on the Rs 2,000 crore income mark, even because it continues to rein in losses amid tighter regulatory scrutiny round co-branded playing cards.

OneCard’s mum or dad, FPL Applied sciences, reported working income of Rs 1,878 crore in FY25, up 32% from Rs 1,425.5 crore in FY24, based on its monetary assertion sourced from the Registrar of Corporations (RoC). Whole income crossed Rs 1,900 crore throughout the 12 months ended March 31, 2025.

Based in 2019, the corporate points co-branded bank cards, largely focused at first-time customers, via partnerships with IDFC First Financial institution, Federal Financial institution and SBM Financial institution. It additionally operates OneScore, an app centered on credit score rating monitoring and credit score administration. Income from these providers remained the corporate’s sole supply of revenue.

Regardless of the expansion, OneCard stayed loss-making, although money burn eased. The corporate’s loss narrowed 26% to Rs 297.5 crore in FY25 from Rs 401 crore in FY24. Bills rose 18% to Rs 2,206 crore from Rs 1,866 crore, however the firm didn’t disclose an in depth breakdown for many of its prices, with 73% of complete expenditure reported below miscellaneous bills.

Promoting and promotional spending fell practically 40% to Rs 294 crore from Rs 488 crore. Worker profit bills elevated 26% to Rs 181.5 crore, whereas IT bills rose 14% to Rs 67 crore. Finance prices nearly doubled to Rs 18 crore.

The corporate ended FY25 with money and financial institution balances of Rs 321 crore, down from Rs 447.5 crore a 12 months earlier. Present property stood at Rs 907 crore.