Neo-bank player Open has raised Rs 453 crore in Series C round of funding from Temasek, Google, and existing investors Tiger Global Management and 3one4 Capital.
According to the regulatory filings, Temasek has invested around Rs 254 crore, Google has invested 108.6 crore, Tiger Global has invested Rs 54.75 and 3one4 Capital has invested around Rs 36 crore.
The company in the filing said that these shares offer price was Rs 9.09 lakh a piece and has offered 20 equity shares and 4,991 Series C compulsory convertible cumulative participating preference shares.
“In view of the expansion and growth of the business, the company requires additional financial resources,” said the company in the regulatory filing.
Open was founded in 2017 by Aneesh Achuthan, Ajeesh Achuthan, Mable CHako and Deena Jacob. The company claims to be one of the largest SME banking platform in the country. In February of 2020 the company had processed $11 billion in transactions.
Some of its early investors include Unicorn India Ventures, Trifecta Capital, BEENext. In June of 2019, Open had raised around $30 million in its Series B round that was led by Tiger Global, Tanglin Venture Partners Advisors. Existing investors 3one4 Capital, Speedinvest and BetterCapital AngelList Syndicate also participated in the round.
Neo banks are digital banks that have no physical branches. They offer services like payments, lending, credit, and savings. Neo banks partner with banks. Some of the prominent Neo bank players include Open, RazorPayX, Niyo among others.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.