About Open
Open is a company based in Bengaluru (India) founded in 2017 by Deena Jacob, Ajeesh Achuthan, Anish Achuthan, and Mabel Chacko. It operates as a SaaS (Software-as-a-Service), Subscription Services, and FinTech. Open has raised $186.4 million across 8 funding rounds from investors including Google, India Infoline and Visa. The company has 373 employees as of January 13, 2025. Open has completed 2 acquisitions, including Finin and Optobizz. Open offers products and services including Connected Banking, Payment Automation, and GST Invoicing. Open operates in a competitive market with competitors including Tide, Chqbook, Vanghee, ZikZuk and Tijoree, among others.
- Headquarter Bengaluru, India
- Employees 373 as on 13 Jan, 2025
- Founders Deena Jacob, Ajeesh Achuthan, Anish Achuthan, Mabel Chacko
- Stage Minicorn
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Sectors
Financial Services
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Email
***********
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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
- 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
$186.4 M (USD)
in 8 rounds
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Latest Funding Round
$50 M (USD), Series D
May 02, 2022
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Investors
Google
& 26 more
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Employee Count
373
as on Jan 13, 2025
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Investments & Acquisitions
Finin
& 1 more
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Products & Services of Open
Open offers a comprehensive portfolio of products and services, including Connected Banking, Payment Automation, and GST Invoicing. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Bank accounts are connected for seamless payment management.
Payments are automated for efficient accounts reconciliation processes.
GST-compliant invoices are created for business payment tracking.
Unlock access to complete
Funding Insights of Open
Open has successfully raised a total of $186.4M across 8 strategic funding rounds. The most recent funding activity was a Series D round of $50 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 8
- Last Round Series D — $50.0M
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First Round
First Round
(30 Oct 2017)
- Investors Count 27
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| May, 2022 | Amount | Series D - Open | Valuation | India Infoline , Arvon Investments | |
| Jun, 2021 | Amount | Debt – Venture - Open | Valuation |
investors |
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| May, 2021 | Amount | Series C - Open | Valuation | Temasek , Arvon Investments |
| 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
Open has secured backing from 27 investors, including institutional, venture fund, and angel investors. Prominent investors backing the company include Google, India Infoline and Visa. 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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Venture and private equity investments are managed with global diversification.
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Founded Year | Domain | Location | |
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An investment platform is provided for diverse sectors and geographies.
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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 |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
|
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
Open has strategically engaged in corporate development activities, having acquired 2 companies. Notable acquisitions include Finin and Optobizz. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
|
2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
|
2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
|
2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Digital bank for Individuals
|
2019 | ||||
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Limited information available
|
2017 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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OVO is recognized as a smart digital payment application.
|
2017 | ||||
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Bionic investment advisor platform
|
2016 | ||||
|
Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
|
2014 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
|
2014 |
Financial Statements - Open
| 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 Comparisons
Competitors of Open
Open 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 Tide, Chqbook, Vanghee, ZikZuk and Tijoree, 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 |
Tide is recognized as a digital banking platform for businesses.
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| domain | founded_year | HQ Location |
Provider of banking, lending, insurance, and transaction management solutions for small businesses
|
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| domain | founded_year | HQ Location |
Digital bank for businesses
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| domain | founded_year | HQ Location |
Neobanking and business intelligence platforms are offered to SMEs.
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| domain | founded_year | HQ Location |
Digital banking services for businesses are provided online.
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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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Latest news on Open
Frequently Asked Questions about Open
When was Open founded?
Open was founded in 2017.
Where is Open located?
Open is headquartered in Bengaluru, India. It is registered at Bengaluru, Karnataka, India.
Who is the current CEO of Open?
Anish Achuthan is the current CEO of Open. They have also founded this company.
Is Open a funded company?
Open is a funded company, having raised a total of $186.4M across 8 funding rounds to date. The company's 1st funding round was a Series C of $100M, raised on Oct 30, 2017.
How many employees does Open have?
As of Jan 13, 2025, the latest employee count at Open is 373.
What is the annual revenue of Open?
Annual revenue of Open is $5.39M as on Mar 31, 2024.
What does Open do?
Business payments are managed and simplified by Open, a connected banking platform. Various bank accounts are integrated to facilitate seamless sending and receiving of payments. Reconciliation of transactions is automated with accounting software integration. Solutions are provided across industries like startups, retail, manufacturing, and enterprises. Additional tools for GST invoicing, payroll, and expense management are offered. Partnerships with major Indian banks such as ICICI, SBI, Axis, and Yes Bank are established for direct payment processing.
What products or services does Open offer?
Open offers Connected Banking, Payment Automation, and GST Invoicing.
Who are Open's investors?
Open has 27 investors. Key investors include Google, India Infoline, Visa, Angel List, and IIFL Finance.
What is Open's valuation?
The valuation of Open is $371.11M as of May 2021.