Other Private Equity/Strategic Investments
Neo-banking startup Open in talks to raise $120-M
Amazon, Google and card network major Visa are separately eyeing a stake in Bengaluru-based neo-banking startup Open, which is looking to raise a new round of funding of USD 100-120 million at a post-money valuation of USD 600-700 million. Open is also in talks with a leading sovereign wealth fund as well as private equity firm TPG as they look to participate in the funding round that could be oversubscribed. Open offers business banking, payments and expense management services to over one million small and medium enterprises. It claims to process USD 24 billion in transactions annually. Prior to this, Open has raised USD 45-50 million from investors like Tiger Global, 3one4 Capital, Speedinvest and BetterCapital, among others. In February, it acquired Optobizz, a GST and financial automation startup, for USD 5 million in stock and cash.
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