Open, a neo-banking platform for SMEs, which was part of the ‘Fund of Fund’ scheme of the Kerala Startup Mission (KSUM), has raised Rs 250 crore from global venture capital funds like Tiger Global Management, Speedinvest and Beenext.
In the ‘Fund of Fund’ scheme, private funds are invited to be part of the ecosystem by investing in the startups wherein KSUM will be a limited partner for the funds. Open has raised the early stage funds from the ‘Fund of Fund’ scheme.
Open was founded by Keralites Anish Achuthan, Mabel Chacko, Deena Jacob and Ajeesh Achuthan in 2017. The funding, raised in two rounds over the last three months, has taken the company’s valuation to Rs 1,000 crore. The other investors in the company include Tanglin Venture Partners Advisors, 3one4 Capital and Better Capital’s AngelList Syndicate.
Dr Saji Gopinath, CEO, KSUM, said: “Open is one of the first companies KSUM has invested at a very early stage through our fund of fund programme. We are happy to see that this small support has enabled company to accelerate fast and with new infusion funds and expertise we expect company to scale further heights in near future.”
Anish Achuthan, CEO, Open, said, “This funding will help us launch new products like the Open+ card and Layer that will enhance our value proposition for small businesses.
Open is solving business banking challenges faced by SMEs and start-ups. It offers a business account in partnership with banks which helps businesses automate and run their finances effectively.