Open, a neobanking platform for Small and Medium Enterprises (SME), has raised $50 million at a valuation of $1 billion.
- With this, it has become the 100th unicorn to emerge from India, marking a seminal moment for the Indian startup ecosystem.
- The fintech has cumulatively raised $190 million till now.
- In January 2022, Prime Minister Narendra Modi had envisioned that India would achieve the century mark in the Indian startups’ unicorn list, as last year, 42 new Indian startups joined the ‘unicorn club.’ Now, in the first week of May 2022, only after 5 months, India has got its 100th unicorn.
- The 100th Unicorn of India – Open – states that it has increased its customer base to 2.3 Million in the past year and further plans to reach 5 million globally in the next year.
- The startup is founded in 2017 by Anish Achuthan, Ajeesh Achuthan, Mabel Chacko and Deena Jacob.
- Open is the platform that extends business banking, payments and expense management services to SMBs across India.
- The 3rd largest ecosystem for startups globally, India’s startup landscape has totally transformed in the past couple of years.
