India has 100 unicorns now. The Bengaluru-headquartered neobank Open entered the coveted club on Monday with a new funding round, it said.
The five-year-old startup did not disclose the size of its Series D funding, but a source familiar with the matter said it’s $50 million. The new round, which valued Open at $1 billion, was led by Mumbai-headquartered investment firm IIFL, the two said. Existing backers Tiger Global, Temasek and 3one4 Capital also participated in the round, which comes just seven months after Open announced its Series C funding at $500 million valuation. Open has rais