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Fairfax has also proposed bringing its interests in Go Digit Life Insurance, Go Digit General Insurance and IIFL Capital Services under IDBI Bank.
The Bengaluru-based startup will use the fresh capital to expand its footprint in Europe, strengthen its AI agent product suite, and scale go-to-market efforts targeting enterprise customers.
The fund has earmarked around 20-25% of the corpus for follow-on investments in top-performing portfolio companies from its first fund.
The funding round also saw participation from IIFL and Rocket Capital, along with existing investors.
The round also saw participation from existing investors Varanium Capital, DMI Sparkle Fund and IIFL Fintech Fund.
Total expenses of the startup fell 18% to Rs 160 crore in the last financial year from Rs 195 crore in FY24.
Once celebrated for disrupting SME banking with its neobank model, Open’s journey since hitting the $1 billion mark in 2022 has been anything but smooth.
The Flipkart co-founder has invested Rs 70 crore to set up IIF, that will focus on developing innovative solutions using AI, blockchain, and robotics.
the Fund-II aims to invest in the next generation fintechs of India including in the generative artificial intelligence space.
