Friday, Apr 19 2024 | Time 16:39 Hrs(IST)
image
Business EconomyPosted at: Feb 14 2019 10:31PM


Kerala Startup Mission scheme bags USD 5 million funding

Thiruvananthapuram, Feb 14 (UNI) A startup that was part of the ‘Fund of Fund’ scheme of the Kerala Startup Mission (KSUM) has successfully raised series of funding of USD 5 million from leading investors.
Open, a neo-banking platform for SMEs, bagged the funding of USD 5 million from a consortium led by Beenext, Speedinvest and 3one4 Capital. Existing investors Unicorn India Ventures and Angellist Syndicate also participated in this round.

Open will use the funds to scale up the team, besides planning to launch new products, including a credit card named DUO for startups, which has been scheduled to be launched in March.

Dr Saji Gopinath, CEO, KSUM, said, “It’s a remarkable achievement by a startup from KSUM’s ‘Fund of Fund’ scheme, and we are proud of it. Open has set a perfect benchmark to be emulated by the startups in the state. I’m sure more startups will follow suit, realising the unique possibilities that are awaiting them.”

Mr Anil Joshi, Partner, Unicorn India Ventures, said “We are very excited to be part of second fund of fund initiative. I remember when we were considered for the first fund of fund, there were doubts if this would work."
"But glad to share that it not only worked but also brought many more funds to apply for second fund of fund initiative. This is happening only because of the vibrant startup ecosystem in Kerala and we are proud to be part of it.”

Founded in 2017 by serial entrepreneurs Anish Achuthan, Mabel Chacko and Ajeesh Achuthan, along with ex-TaxiForSure CFO Deena Jacob, Open is solving business banking challenges faced by SMEs.

Commenting on the investment, Mr Anish Achuthan, Founder and CEO, Open, said “When I set up my first startup in Kerala in 2001, there was no ecosystem for startups. But now with initiatives like KSUM, I am glad to see the support system being built for startups in the State to grow and sustain themselves."
"We’re glad to be part of the KSUM ‘fund of fund’ programme, and we hope our journey can inspire many more entrepreneurs to startup from Kerala.”
The platform today has grown to over 30,000 SMEs and has been processing over USD 2 billion in transaction run rate. It has been adding over 7500 SMEs every month.

In May last year, the platform had announced that it had raised pre-Series A funding in a round led by Unicorn India Ventures and Recruit Co Ltd, through its investment subsidiary RSP India Fund LLC. The round was estimated to be around USD 2 million.
The company offers a business account in partnership with banks that helps SMEs automate and run their finances effectively. The account has tools that are required by a small business to send and receive payments combined with an automated bookkeeping tool to integrate banking into their business workflows.
KSUM is the nodal agency of Government of Kerala for entrepreneurship development and incubation activities in the state.
UNI DS RSU 2233
Please log in to get detailed story.
Tags: #Kerala Startup Mission scheme bags USD 5 million funding
More News
India International Industrial Expo in Kochi from Dec 13-15, 2024

India International Industrial Expo in Kochi from Dec 13-15, 2024

19 Apr 2024 | 12:56 PM

Kochi, Apr 19 (UNI) India International Industrial Expo (IIIE-2024), a gateway to a comprehensive industrial showcase, will be held here on December 13, 14 and 15, 2024 with the participation of more than 10,000 trade visitors and 350 leading Industrial manufacturers, IIIE CEO Siji Nair said on Friday.

see more..
NTPC green energy inks MoU with Indus Towers

NTPC green energy inks MoU with Indus Towers

19 Apr 2024 | 12:05 PM

Mumbai, Apr 19 (UNI) NTPC Green Energy Limited (NGEL) and Indus Towers Limited (ITL) on Friday signed a Memorandum of Understanding (MoU) to address the need for pacing green energy objectives and the GoI’s efforts towards a carbon-neutral economy.

see more..
Rupee opens record low at 83 55 against USD

Rupee opens record low at 83 55 against USD

19 Apr 2024 | 11:50 AM

Mumbai, Apr 19 (UNI) The rupee on Friday opened at a record low of 83.55, declining three paise amid geographical tension between Israel and Iran and rising demand for the US dollar by bankers and importers, dealers at the Foreign Exchange said.

see more..
Sensex drops over 500 points

Sensex drops over 500 points

19 Apr 2024 | 11:31 AM

Mumbai, Apr 19 (UNI) The equity market continued to fall for the fifth consecutive session on Friday as BSE Sensex crashed 539 points to open below 72K at 71,949.65 amid heightened geographical tension, triggering a massive selloff of global equities.

see more..

USD up ; Euro,Pound down

19 Apr 2024 | 10:08 AM

Mumbai, Apr 19 (UNI) Following were the indicative currency rates and travellers' cheques
buying and selling rates.

see more..
image