It’s Red Letter Day! India Hits a Century in Style

Photo by Mathieu Stern on Unsplash

While centuries in the IPL continue to give us an adrenaline rush, there’s another century we’ve been raring for!

Yesterday marked the Red Letter Day for India as Open Financial Technologies was declared India’s 100th unicorn. This is a new milestone for India’s startup economy as the country touched 100 Unicorn Startups – yes, our Monday seemed a lot brighter!

Moving Up The Ladder

This incredible feat has taken India to the 3rd spot on the global map of countries with the most unicorns (behind the US at 1st and China at 2nd).

There’s more than one reason to celebrate.

Not only is Open, the 100th unicorn in India, but it also holds the title of being the 20th unicorn from the fintech sector

All Glory, Laud, and Honour

The Bengaluru-headquartered neobank entered the coveted club on Monday after a new funding round from IIFL and a consortium of other investors. Open offers business banking, payments and expense management services to SMEs across India and is backed by Google

2021 was a blockbuster year for unicorns. It saw over 42 startups and 2 listed companies touching the billion-dollar valuation. Just 4 months into 2022 and India has already witnessed 14 new unicorns — Fractal, LEAD, Darwinbox, DealShare, ElasticRun, Livspace, Xpressbees, Uniphore, Hasura, CredAvenue, Amagi, Oxyzo, Games24x7 and now – Open!

For What It’s Worth

India’s 100 unicorns have a cumulative valuation of $333 Bn, with Flipkart and BYJU’s being the two highest valued privately-held startups.

Too long? Here’s one-liner: Google-backed neobank, Open becomes India’s 100th unicorn with new funding; India stands on 3rd spot amongst countries with the most unicorns

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