Medilytix Bureau:

What came up as a major development for the start-up industry in India, with the advent of Neobank Open, India gets its 100th unicorn and 20th from the fintech sector. To date, 100 unicorns in India have a cumulative valuation of $333 billion which fulfills India’s high aspirations of a trillion-dollar economy.

The neo-banking start-up Open raised a Series D funding round from IIFL with participation from IIFL from Temasek, Time Global, and 3one4 Capital with a $50 mn fund raise. IIFL and Open will respectively own 51 percent and 49 percent in the new neobank JV, which is expected to cater to Mumbai-based IIFL’s  captive customer base as well as newer MSMEs joining the bandwagon, besides providing loans to Open’s existing customer base through IIFL loan.

The JV is expected to disburse INR 10000 crore worth of business loans during the next 18 months.

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