India embraced its 100th unicorn which is Bengaluru-based neobank platform Open, that increased novel funds as a component of its Series D round. This took its value to $1 billion. IIFL, the Mumbai-based investment company, existing investors Tiger Global, Temasek, and 3one4 Capital had organized the new round and also took part in it.
Anish Achuthan, who is the co-founder and chief executive of Open, said, “We witness many collaborations with IIFL particularly on ranking the lending book, as we are gearing up to introduce effective products like business credit cards to SMEs on our platform, early settlement, revenue-based financing, and working capital loan. More than twenty lakh businesses in India have been using the neobank platform. Every year, it operates over $30 billion worth of transactions.
The Bengaluru-based management consulting company Redseer said that the $31 billion fintech market in the country is set for wrecking with the disclosure of neobanks. Three fresh products like early settlement card offering Settl and working capital lending capital and revenue-based financing FIo are going to be introduced by the Open company, which raised about $187 million, shortly.
The neobank platform startup is targeting to release $1 billion through its latest products. The Indian fintech market is assured of further disruption with the emergence of neobanks as the 3rd largest fintech ecosystem in the world after the US and China. During the first quarter of this year, the Indian startups increased by more than $10 billion, up from $5.7 billion in the same period in the previous year. Fourteen startups have become unicorns in the January-March quarter.