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Open- 100th unicorn start-up

Open, a Bengaluru-based neobank platform, has become the 100th unicorn start-up in India. Commerce & Industry Ministry stated that one out of every 10 unicorns born globally belongs to India. 

Key Points:

  • The term "Unicorns" are referred to start-ups that attain a valuation of more than 1 billion dollars. 
  • Neobanks are those digital banks which have zero branches. The funding comes just 6 months after Google, Visa, Temasek and Japan’s SoftBank invested $100 million in the neobank startup. 
  • The funding signifies enthusiasm in the Indian startup ecosystem. 
  • According to an Economic Survey, 2021-22, India is the world’s third-largest. India overtook the UK to reach the spot after the US and China, which added 487 and 301 unicorns, respectively, according to the survey.

About Open:

It was founded in the year 2017 by Anish Achuthan, his wife Mabel Chacko, and his brother Ajeesh Achuthan.

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