New Delhi, March 27, 2025: OneStack, a fintech platform for cooperative banks in Bharat, has raised $2 million in Series A funding and will secure an additional $1 million soon as a part of the same round.
The round was led by Pentathlon Ventures, with participation from Yatra Angel Network and continued support from existing investors 100Unicorns and Venture Catalysts. The investment underscores the fintech’s strategic focus on scalable technologies that drives financial inclusion and digital transformation in underserved markets.
OneStack, founded by Amit Kapoor and Vishal Gupta, operates as a Technical Service Provider (TSP) and Application Service Provider (ASP), offering a unified technology stack to digitize India’s cooperative banking ecosystem.
The platform offers end-to-end solutions like Core Banking, Mobile Banking, NPCI UPI Switch, and BBPS Switch, allowing regional and rural banks to modernize operations and enhance services to compete with larger institutions.
Amit Kapoor, Cofounder of OneStack, said, “Our mission is to make every Bharat bank a neo-bank. With this funding, we aim to extend our footprint into South and East India, targeting an additional 200+ banks to achieve a pan-India market share of 20%. Simultaneously, we will deploy our CBS across 50+ institutions and onboard 100+ banks onto our NPCI UPI & BBPS Switch, enabling them to offer UPI services under their own branding. This expansion will directly impact financial inclusion for 5 crore Indians over the next 18 months.”
With over 200 cooperative banks already onboarded, OneStack commands a 20% market share in North and West India and supports seven out of 34 State Cooperative Banks, serving 35 crore Indians and six crore MSMEs through its infrastructure.
The cooperative banking sector forms the backbone of financial access for 50% of India’s bankable population, yet remains underserved by digital solutions. OneStack addresses this gap by providing banks with tools to increase CASA deposits, offer credit facilities, and deliver insurance products through a SaaS-based model.
Onestack’s UPI Switch and BBPS Switch enable partner banks to independently issue branded UPI IDs and process Bharat BillPay transactions, minimizing reliance on third-party platforms. Since its last funding round, the company has deployed over 6,000 Soundboxes in 14 regional languages, improving payment connectivity in rural markets.
Dr Apoorva Ranjan Sharma, Managing Director, Venture Catalysts, said, “OneStack’s unique positioning as a full-stack enabler for cooperative banks aligns with our vision of backing platforms that democratize access to critical infrastructure. Their ability to penetrate Tier II/III markets and deliver ROI-driven solutions positions them as a catalyst for India’s next wave of banking digitization. Our investment in OneStack resonates with our goal of backing founders who solve complex, large-scale challenges.”
“At Pentathlon Ventures, we believe in backing disruptive B2B tech startups that redefine industries, and Onestack is a perfect example. India’s cooperative banking sector, serving over 230 million people, has long been underserved in digitization. OneStack is bridging this gap by empowering these banks with cutting-edge financial technology. Onestack is not just about digitization but about unlocking new efficiencies, trust, and financial inclusion at scale. We are excited to lead this funding round and support OneStack in revolutionizing Bharat’s financial landscape while creating a category leader in cooperative banking technology,” Sandeep Chawda, Managing Partner at Pentathlon Ventures added.
OneStack’s asset-light SaaS model, charging banks on a per-user/month basis, ensures predictable revenue streams while scaling with partner institutions.
Its upcoming expansion into South and East India will include localized onboarding teams and vernacular support, a strategy validated by the successes of Venture Catalysts’ portfolio in Tier II/III cities.
