Open turned up to be the 100th unicorn of india, raises $100 mn led by IIFL
- ByStartupStory | May 2, 2022
Neobanking platform Open has recently raised $50 million at a valuation of $1 billion, doubling its valuation from $500 million during its last fundraising in October 2021.
Founded in 2017 by former PayU and Citrus Pay executives Mabel Chacko, Ajeesh Achuthan and Anish Achuthan along with Deena Jacob. Open focuses primarily on offering SME’s the business current account comprising services like digital banking, payments, invoicing and automated bookkeeping services. Open is also one of the rare unicorns consisting of two successful women co-founders.
Open, is a neobanking platform (also known as an online bank or virtual bank) for Small and Medium Enterprises (SME), has raised $50 mn at a valuation of $1 billion. This ultimately makes the company the 100th Unicorn to rise from India, marking a significant moment for the Indian startup ecosystem.
The series D round was driven by IIFL and furthermore saw cooperation from existing financial backers Tamasek, Tiger Global and 3one4 Capital. The round was mostly a primary raise, with a small secondary part. The company is the 16th Unicorn of 2022 as well.
The company is getting ready for the launch of three brand new products aimed at intensifying the capital needs of SMEs apart from its prevailing SME credit card offerings. The products comprise of an innovative revenue-based financing product for e-commerce businesses- Open Flo, also Open Settl- an early settlement credit offering and Open Capital- a working capital lending offering for SMEs. Open is planning to pay out $1 billion in lending through the new range of products for the next year.
Open also has a strategic partnership built up with IIFL. The start-up will be able to leverage IIFL’s 2,000 crore loa book. The company is marching towards expanding its new product lines Zwitch and BankingStack. Open’s other investors include BEENEXT, Speedinvest, Recruit, etc. Open directly competes with RazoorPayX which is an SME facing neobank itself.
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