Indias 100th Unicorn is here, Neobank platform, Open


A proud moment for Indian entrepreneurial spirit was observed on Monday, as India got its 100th Unicorn company!

Bangalore-based, Neobank platform, Open raised its Series D funding, taking up its valuation to a whopping $1 billion.

The funding round was led by Mumbai-based investment firm IIFL, along with investors Tiger Global, Temasek, and 3one4 capital, the company stated.

It should be noted that for India, having its 100th unicorn is a big achievement, considering the fact that just 3 years ago, we had less than 18 unicorn startups in the country.

And then in the year, 2021, India gained 44 unicorn startups!

HDFC Q4 results are live, read more.

Even more astonishing is the fact that we are just in the 5th month of 2022, and in this year only, India got around unicorn companies.

It is safe to say that India is on a rapid path of entrepreneurship and it's not stopping any time soon.

Coming back to Open, The Neobank platform is currently being used by more than 20 lakh businesses in the country, and it processes over $30 billion worth of transactions.

"We see a lot of synergies with IIFL especially on leveraging the lending book, as we are getting ready to launch innovative products like revenue-based financing, early settlement, working capital loan, and business credit cards to SMEs on our platform," said Anish Achuthan, co-founder and chief executive of Open.

Open is also set to launch 3 new products in the wake of its funding. These are, revenue-based financing Flo, early settlement card offering Settl, and working capital lending service.

Clearly, the fintech market is going to go through some interesting changes in the upcoming future.

In the meantime, you'd be interested to know that in the first quarter of 2022, Indian startps raised funding amounting to $10 billion.

But again, the year has just begun!

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