TVS Capital Funds to lead next round in Google-backed Open at a valuation of $1 billion
- BySaksham Daga | January 7, 2022
Neobank Open will join the Unicorn Club in the next round of funding. This brings the company’s value to over $ 1 billion. Moneycontrol learns from sources that the TVS Capital Funds with signed termsheets are at the forefront of the round. Existing investors will also participate in the Financing Round, which will be a mix of primary and secondary funding. Of the $ 100 million, new (primary) fundraising activities are between $ 50 million and $ 75 million, according to two people who are aware of this trend.
“The Open is under discussion with the Abu Dhabi Investment Authority (ADIA) and the Qatar Investment Authority, but will not be able to participate until the next round,” added one of the above.
Moneycontrol first reported in October 2021 that Open was already in talks with investors for a new round at that time. The report launches another round shortly after the October 2021 Series C round to help startups quickly gain unicorn status, maintain a competitive advantage and continue to attract large investments in the future. He added that he was enthusiastic about doing it.
Unicorn is a privately held company worth over $ 1 billion. During the Series C open round, the company raised $ 100 million with the participation of Google, Japan’s SBI Investment and Visa under Temasek’s leadership.
The value of Open in the previous round was $ 500 million, and this round doubles the company’s reputation. Other startup investors include Tiger Global, 3one4 Capital, BEENEXT, Speedinvest, AngelList, Tanglin Venture Partners, Unicorn India Ventures and Recruit.
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