Bangaluru-based neobank Open has raised its Series D funding round led by Mumbai-based investment firm IIFL. Existing investors including Tiger Global, Temasek, and 3one4 Capital also participated in this round. Although the company didn’t disclose the funding it raised, a source familiar with the funding confirmed it is $50 million. This funding puts the valuation of Open at $1 billion making it a unicorn.
Open is a neobank that offers loans to small and medium-sized businesses with most features that a bank offers. The company also offers additional tools to help business better serve their customers.
The company has three products: Open Flo, Open Settl, and Open Capital. Now the company aims to disburse $1 Bn in lending in the next 12 months.
It claims to increase its customer base to 2.3 Mn in the last 12 months and plans to cross 5 million customers in the next 12 months.
It is also interesting to note that Open is India’s 100th Unicorn. InMobi was India’s first Unicorn that reached a $1 billion valuation in 2011. Now after 11 years, India is welcoming its 100th Unicorn. In recent years, India has seen a surge in startup funding. More than 60 Indian startups have become unicorns since last year.
