Open, a new banking platform for small and medium enterprises (SMEs), has raised $50 million at a $1 billion valuation. This makes it the 100th unicorn to emerge from India, marking a seminal moment for the Indian startup ecosystem.

IIFL led the Series D round with participation from existing investors Temasek, Tiger Global and 3one4 Capital. This financing round is mainly to raise, and there are some small parts. The company is also the 16th unicorn in 2022.
The round came just six months after Open raised $100 million and was led by investments from Google, Temasek, Visa and Japan’s SoftBank. The company, which was valued at $500 million in the last round, has doubled.

Founded in 2017 by former PayU and Citrus Pay executives Anish Achutan, Mabel Chacko and Ajeesh Achutan, and Deena Jacob, Open focuses on providing business checking accounts for small and medium businesses. The account includes digital banking, payments, invoicing and automated bookkeeping services. Open’s funding underscores investor confidence in India’s startup ecosystem, which was recently recognised as the third-largest in the world. By 2022, 14 new unicorns have appeared in India.

Open’s funding underscores investor confidence in India’s startup ecosystem, which was recently recognised as the third-largest in the world. By 2022, 14 new unicorns have appeared in India. This came against the backdrop of a sensational 2021 when as many as 44 unicorns were born in the country, and investors poured billions of dollars.

While a handful of unicorns will struggle to raise capital in 2022, especially at later stages, VCs such as Sequoia and Accel have or are raising significant capital due to high cash burn models and corporate governance failures, and more. Invest in India. Show that they are bullish on India’s startup ecosystem. Accel has raised a $650 million fund, its seventh India-focused fund. In comparison, Sequoia Capital India is in talks with its US parent and investors to raise a $2.8 billion fund for startups in India and Southeast Asia.