The Ledger
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Open's Enterprise Solution Is Deployed by 15 of India's Top 17 Banks
“So we have like the 15 out of the top 17 banks in India currently deploying our solution.”
Achuthan: Only One or Two Major Competitors Exist in Indian SME Neobanking
“And I'll also not, it's also because we probably, there are only one or two major competitors in the SME space. And a lot of this place have actually started new. So for example, they right now started building digital banking offering, and some of them has pa…”
Open Acquires SME Customers Using Financial Automation, Not Neobank Labels
“So we have always taken an approach of financial automation as entry point, as a hook to actually get a customer rather than telling him, okay, this is another new bank. So we don't even talk about it.”
Achuthan: 80% of Open's Platform Services Are Completely Free
“80% of our services are free on the platform, which means like practically banking, you can, even for services like our payroll, it's free up to 10 users.”
Founders Should Not Start Ventures Dependent on Short-Term Investor Funding
“Never build solutions just for investors or thinking that, okay, maybe I'll get started with some idea. And after three to six months, some investor will come and actually funded this thing. So now when I start something, I'll at least plan for the first 12 mo…”
Co-Founding Couples Must Maintain Strict Professional Workplace Boundaries
“Probably when me and Mabel, we both started our first organization, we were probably really bad managers, basically, managers, and this also learned, made us, taught us, like, you know, how to behave family members, because we should not be able to actually ev…”
Domkundwar: Neobank Open will become a massive company by mirroring Intuit
“So, you know, the way I mean the way I look at open is that it's almost like Intuit with a bank under it, correct? And that could be a large, large, large company, right? Considering we don't have an Intuit and we have a banking system that is great, but could…”
Open Serves 2.3M Small Businesses and Processes $30 Billion Annually
“So we have 2.3 million small businesses currently using the platform. And we process thirty billion US dollars in transactions for all of these users. And the current account deposits basically, which happens through the platform or which you manage on the pla…”
ICICI Bank Branch Distribution Scaled Open From 100 to 1,000 Customers
“From hundred to a thousand was when, you know, ICICI bank started trialing this product to their, existing set of branches, customers, and selling to the existing branches to their customers. They found a lot of value.”
Up to 40% of Open's Revenue Comes Through Its Banking Partners
“I would say like around 30, 40 percentage of your revenues also comes not from your customers, but through your banking partners, basically from various services.”
Launching a Tally Plugin Scaled Open Rapidly From 1,000 to 20,000 Users
“Then we start to build the tally plugin basically. And then it exponentially took it from thousand to 20,000 in no time, basically just because of this, a small feature, which we've got.”
Open Users Average ₹75 Lakhs Turnover, With 55% in Manufacturing
“It is probably businesses in our platform today also. They are like more than an average if you take around 75 lakhs of annual turnover. And these are like, you know, a B to B trader, a distributor, a manufacturing, you know, we also have freelancers. For exam…”
Open Is Partnering With Two Major Indian Public Sector Banks
“Probably this month we are the public state of banks, which everybody would relate to basically, and the, they're actually going live on our platform. So, and in fact, we are also helping them launch their SME new bank as well. So two of the public state of ba…”