India’s 100th unicorn is Bengaluru-based neo-banking startup ‘Open’. It has raised $50 million in funds in its Series D investment round led by IIFL. The existing investors like Temasek, Tiger Global and 3one4 Capital also participated in the round. The company is now valued at $1 billion making it the 100th unicorn.
The fund will aid Open to accelerate its existing product lines Zwitch (embedded finance platform) and BankingStack (enterprise banking solution for banks), global expansion and get 5 million customers within a year. The fund also aids in strengthening the team and increasing the staff from 500 to 1,000 within a year. The company is supported by Google and Visa, the company mentioned in the statement.
Open was founded by former PayU and Citrus Pay senior management member Anish Achuthan with his wife Mabel Chacko and brother Ajeesh Achuthan in 2017.