About Open Financial Technologies
Open Financial Technologies is a company based in Hyderabad (India).. Open Financial Technologies has raised $120.51 million across 7 funding rounds from investors including Google, Visa and Angel List. The company has 373 employees as of January 13, 2025. Open Financial Technologies operates in a competitive market with competitors including Speqta GST, Optotax, MyGSTCafe, Taxblock and GST Referencer, among others.
- Headquarter Hyderabad, India
- Employees 373 as on 13 Jan, 2025
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Sectors
Technology
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Phone
*********
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Website
*********
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Social
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- Legal Name Open Financial Technologies Private Limited
- Date of Incorporation 19 May, 2017
- Jurisdiction Bengaluru, Karnataka, India
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Annual Revenue
$5.39 M (USD)-13.18as on Mar 31, 2024
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Net Profit
$-19.82 M (USD)29.94as on Mar 31, 2024
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EBITDA
$-16.74 M (USD)38.79as on Mar 31, 2024
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Total Equity Funding
$120.51 M (USD)
in 7 rounds
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Latest Funding Round
$12.64 M (USD), Series C
May 30, 2022
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Investors
Google
& 20 more
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Employee Count
373
as on Jan 13, 2025
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Funding Insights of Open Financial Technologies
Open Financial Technologies has successfully raised a total of $120.51M across 7 strategic funding rounds. The most recent funding activity was a Series C round of $12.64 million completed in May 2022. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 7
- Last Round Series C — $12.6M
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First Round
First Round
(30 Oct 2017)
- Investors Count 21
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| May, 2022 | Amount | Series C - Open Financial Technologies | Valuation | 3one4 Capital , Arvon Investments | |
| Sep, 2021 | Amount | Series C - Open Financial Technologies | Valuation | Arvon Investments , SBI Investment | |
| May, 2021 | Amount | Series B - Open Financial Technologies | Valuation | Trifecta Capital |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Open Financial Technologies
Open Financial Technologies has secured backing from 21 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include Google, Visa and Angel List. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Early-stage venture capital fund
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Founded Year | Domain | Location | |
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Venture capital investments in technology sectors like SaaS and Fintech in India.
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Founded Year | Domain | Location | |
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Early-stage venture capital and startup acceleration are provided.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Open Financial Technologies
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Open Financial Technologies
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Open Financial Technologies Comparisons
Competitors of Open Financial Technologies
Open Financial Technologies operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Speqta GST, Optotax, MyGSTCafe, Taxblock and GST Referencer, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Provides GST compliance software for filing returns and tax reconciliation.
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| domain | founded_year | HQ Location |
Platform for GST return filing and reporting for tax professionals.
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| domain | founded_year | HQ Location |
Software for GST return filing, data upload, and automations for tax experts.
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| domain | founded_year | HQ Location |
Provider of tax compliance and consulting services
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| domain | founded_year | HQ Location |
Offers tax compliance tools designed for tax professionals.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Frequently Asked Questions about Open Financial Technologies
Where is Open Financial Technologies located?
Open Financial Technologies is headquartered in Hyderabad, India. It is registered at Hyderabad, Telangana, India.
Is Open Financial Technologies a funded company?
Open Financial Technologies is a funded company, having raised a total of $120.51M across 7 funding rounds to date. The company's 1st funding round was a Series B of $339.9K, raised on Oct 30, 2017.
How many employees does Open Financial Technologies have?
As of Jan 13, 2025, the latest employee count at Open Financial Technologies is 373.
What is the annual revenue of Open Financial Technologies?
Annual revenue of Open Financial Technologies is $5.39M as on Mar 31, 2024.
What does Open Financial Technologies do?
Open Financial Technologies gst return filing and reporting tool for tax professionals, focusing on innovating financial technology, finance accounting tech, tools for finance professionals, and tax professionals. It serves clients with dedicated solutions, emphasizing quality, innovation, and sustainable growth in its core markets.
Who are the top competitors of Open Financial Technologies?
Open Financial Technologies's top competitors include Optotax, Taxblock and Speqta GST.
Who are Open Financial Technologies's investors?
Open Financial Technologies has 21 investors. Key investors include Google, Visa, Angel List, IIFL Finance, and 3one4 Capital.