Fintech & e-commerce

India-based Neobank Open Joins Unicorn Board With Series D Raise

Bengaluru-headquartered neobank Open raised an undisclosed Series D catapulting it into unicorn status, the company said Monday. India, with 82 unicorn companies as of this morning including current and exited, ranks third behind the U.S. and China in terms of number of unicorn companies, according to The Crunchbase Unicorn Board.

The undisclosed round reportedly was led by India-based IIFL with existing backers Tiger Global, Temasek and 3one4 Capital involved.

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Founded in 2017 by CEO Anish Achuthan, Open most recently raised a $100 million Series C in October 2021, which then reportedly valued the company at $500 million. Open had previously raised about $140 million, according to Crunchbase data.

The company, which services the India-based business community and touts partnerships with several of the country’s top banks, said its products are used by more than 2.3 million businesses. It processes upward of $30 billion in annual transactions, according to the company.

The company will use the investment to help launch several new products such as revenue-based financing, early settlement, working capital loan and business credit cards to SMEs on its platform, according to a statement by CEO and co-founder Achuthan.

Illustration: Dom Guzman

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