Neobanking Unicorn Open Posts Paltry Rs 30 Crore Revenue In FY23
Including other income, the Bengaluru-based startup's topline came in at Rs 53 crore, compared to Rs 40 crore in FY22.
Neobank Open, which turned unicorn in 2022, posted a paltry topline of Rs 30 crore, growing 25% year-on-year, according to financial statements accessed via TheKredible. This, despite a valuation of over Rs 8,000 crore.
Including other income, the Bengaluru-based startup's topline came in at Rs 53 crore, compared to Rs 40 crore in FY22. That revenue came on a loss of about Rs 242 crore in FY23, largely flat from a Rs 249 crore loss in FY22.
Open's FY22 revenue and loss numbers also saw changes as the startup transitioned to Indian Accounting Standard during the year under review.
The neobank, that offers small and medium-sized businesses and enterprises almost all the features of a bank, was founded in 2017 by former PayU and Citrus Pay executives Anish Achuthan, Mabel Chacko and Ajeesh Achuthan, along with Deena Jacob, the former chief financial officer at app aggregator Tapzo.
Open has raised about $187 million to date and has marquee investors such as Google, IIFL Finance Ltd., Tiger Global, Temasek and 3one4 Capital on its captable. It turned unicorn in 2022 after a $50-million round by IIFL at a billion-dollar valuation.