Indian Neobank became a unicorn by receiving an investment of 50 Million Dollars from the IIFL investment company. Open, the Bengaluru-based neobank, has reached unicorn status despite missing out on a series of big funding rounds. While unicorns are considered to be companies valued at over $1 billion, it is possible that India may have a few more months before we see the 100th unicorn. Until then, the unicorns are just another startup – and a big step forward for Indian tech.
Indian Neobank Open becomes a unicorn
Since its founding last year, Open has grown from a single office in Bangalore to a multi-million-dollar global operation, and it aims to reach five million customers worldwide by the end of the year. Founded by Anish Achuthan in 2017, Open is a startup that focuses on business banking services for small and medium-sized businesses (SMBs) in India. It processes $30 billion in transactions per year.
Do you know why Warren Buffett invests $1 billion in a neobank?
Other investors included 3one4 Capital and American investment firm Tiger Global. The round valued Open at $1 billion, but did not disclose the size of the funding. Nonetheless, the recent round marks a significant milestone for the company and shows how excited the industry is for the Indian startup ecosystem. According to the Economic Survey 2021-22, India has the third largest startup ecosystem globally.
