India Hits a Unicorn Century
India recently became a country to attain 100 Unicorns. Open, a neobanking platform became the 100th unicorn of India.
Open, a neobank platform raised $50 million at a valuation of $1 billion and as a result became India's 100th unicorn. ( Neobank refers to a digital-only bank with no physical branch, unlike traditional banks. To make these banks safe and secure RBI made it is necessary for these banks to have the backing of traditional banks.)
A unicorn refers to a company with a total valuation of $ 1 billion. India recently became a country to attain 100 unicorns.
Open, a neobank platform raised $50 million at a valuation of $1 billion and as a result became India's 100th unicorn. ( Neobank refers to a digital-only bank with no physical branch, unlike traditional banks. To make these banks safe and secure RBI made it is necessary for these banks to have the backing of traditional banks.)
Cities with the highest number of unicorns are Bengaluru, Mumbai, Pune, and Gurugram. India saw a massive increase in the number of unicorns in the last few years because of the increasing adoption of technology by the people and the use of smartphones which made a conducive environment for companies to reach out to the people. India also surpassed the UK to become 3rd largest unicorn ecosystem in the world.
India is one of the fastest-growing startup ecosystems and creates a unicorn every five days.
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