Indian Neobank Becomes A Unicorn With $50 Million: Open

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.

Ads by Sammyloaded Media Earn Free Bitcoin Get Insurance Updates Boost Your Social Media Engagement Get Access to Business News Learn the best ways on How to do things

Until then, the unicorns are just another startup and a big step forward for Indian tech.Indian Neobank becomes a unicorn with $50 Million: OpenIndian Neobank Open becomes a unicornSince 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.

Also Read:  Renault Russia Gets Nationalized By The Russian Government

Also Read:

About Samuel Solomon 383 Articles
I'm Samuel Solomon, A professional web designer, Web Developer, SEO Analyst, and the small guy behind Sammyloaded Stay updated with our Non Stop update.

Be the first to comment

Leave a Reply

Your email address will not be published.