Fintech infrastructure company OneStack has raised Rs 12.5 crore in a funding round led by new investor Shepherd’s Hill, with participation from existing investors Pentathlon Ventures and AVNM Ventures.
The fresh capital will support the company’s expansion across cooperative banks and non-banking financial companies (NBFCs), along with product development in payments, core banking and regulatory compliance.
The funding comes as cooperative banks using OneStack’s platform have started operating as both UPI issuers and acquirers directly on the National Payments Corporation of India’s (NPCI) network, under their own bank handles. This allows participating banks to issue UPI IDs to customers, onboard merchants and manage payment settlements while retaining their customer relationships and transaction data.
With this latest round, OneStack has raised more than Rs 45 crore across four funding rounds. Its investors include Pentathlon Ventures, 9Unicorns, growX Ventures, Stride Ventures, Samved VC, Silicon Road Ventures and Venture Catalysts.
Founded by Amit Kapoor, OneStack provides mobile banking, UPI issuing and acquiring, QR payments, debit card management and core banking solutions through its OneCBS platform. The company also offers compliance tools, including integration with the Indian Cyber Crime Coordination Centre.
OneStack currently serves more than 200 banks across India, including state cooperative banks, district central cooperative banks and non-scheduled urban cooperative banks.
The company has partnered with a private-sector bank that sponsors more than 250 cooperative banks. It has also been onboarded as a technology service provider on Sahakar Sarathi, a shared services platform promoted by NABARD, NCDC and rural cooperative banks.
The company plans to use the funding to expand its presence in the cooperative banking sector and extend its technology offerings to NBFCs, including customer verification and fraud-reporting solutions.
