Open becomes India's 100th unicorn in $50M funding round
Neobanking platform, Open, has secured $50 million in a Series D round. With this, the startup has become India's 100th unicorn. Open, a neobanking platform for small and medium-sized businesses (SMBs), has secured $50 million at a $1 billion value. As a result, it is the 100th unicorn to emerge from India, marking a watershed moment in the Indian startup ecosystem. IIFL led the Series D round, which included previous investors Temasek, Tiger Global, and 3one4 Capital. In addition, the firm is the 16th unicorn of 2022. The funding comes only six months after Open received $100 million in a financing sponsored by Google, Temasek, Visa, and SoftBank Investments of Japan. The company's valuation after the last round was $500 million, and it has now more than quadrupled with this investment. Services such as digital banking, payments, invoicing, and automated bookkeeping are included in the account. Open is also one of the few unicorns that has two female co-founders...