Biography of Ajeesh Achuthan: Co-Founder of Open,Financial Tech., InLoc8 & Zwitch- Entrepreneur
Biography of Ajeesh Achuthan:
Ajeesh Achuthan is a prominent figure in the financial
technology sector, known for his role in building Open, Asia's fastest-growing
SME neo-bank. His work has earned him recognition as one of Forbes' 30 Under 30.
Ajeesh is focused on assembling a team of leaders to drive the company's
success.
Educational Background
Ajeesh pursued a Bachelor of Technology (B.Tech.) degree in
Electrical and Electronics Engineering from the University of Kerala,
completing his studies from 2009 to 2013. This educational foundation has
supported his innovative approach to financial technology and leadership in the
banking industry.
From a College Idea to a Unicorn: The Journey of Ajeesh
Achuthan
Early Ventures and Lessons Learned
Ajeesh Achuthan’s entrepreneurial journey began at the
University of Kerala, Ajeesh co-founded InLoc8 in July 2011, a location-based
ad-tech startup designed to help stores push offers and advertisements to
consumers within a shopping mall or building. Despite his innovative idea,
InLoc8 struggled with scalability and eventually shut down. This initial
experience, though challenging, provided Ajeesh with valuable lessons that he
would later apply to his future ventures.
InLoc8 aimed to help users find stores within large
buildings and shopping malls by leveraging existing WiFi infrastructure. The
platform also enabled stores to push offers and ads to consumers, enhancing
engagement and providing a valuable tool for both businesses and customers.
Building on Past Success
After the closure of InLoc8, Ajeesh co-founded Zwitch in November 2012, a payment platform that gained traction in the market. Zwitch’s success led to its acquisition by Citrus Pay, which was then bought by PayU India. Ajeesh’s role as the lead engineer at PayU India further honed his skills and prepared him for his next big venture: Open, a neo-banking platform tailored for small and medium businesses (SMBs) and startups.
Zwitch was India’s first developer payment platform,
designed to streamline payment integration for merchants through native web and
mobile SDKs using tokenization technology. This innovation allowed merchants to
enhance their payment processing capabilities while reducing PCI compliance
requirements. Under Ajeesh’s leadership, Zwitch quickly gained a strong
customer base, including large enterprises and emerging startups.
Achievements at PayU
Before founding Open, Ajeesh made significant contributions at PayU, where he worked from October 2016 to April 2017. At PayU, he was responsible for overseeing the integration of PayU’s payment systems and led a team of 15 engineers. His efforts were crucial in the transition of Sellfie to PayUNow, a platform aimed at bringing small and medium-sized businesses (SMBs) online. This role demonstrated his ability to manage complex payment systems and innovate solutions for the digital payments landscape.
Biography of Ajeesh Achuthan: Co-Founder of Open,Financial Tech., InLoc8 & Zwitch- Entrepreneur/investorSuccess story of Ajeesh Achuthan/life story
Innovations with Citrus Payment Solutions
During his time at Citrus Payment Solutions, from September
2015 to April 2017, Ajeesh was a key figure in developing Sellfie, a contextual
commerce product. He achieved a swift go-to-market launch by rolling out web,
Android, and iOS versions in just eight months. His role involved designing and
developing backend APIs and scaling the engineering team from 2 to 10 members,
showcasing his expertise in building and managing technology teams.
Founding Open: A New Frontier
Open, launched in 2017, emerged as Asia’s first neo-banking
platform specifically designed for the banking, accounting, and financial needs
of SMBs and startups. The platform provides users with a comprehensive
dashboard accessible via both desktop and mobile, allowing them to monitor
expenses, seek loans, collect payments, and manage financial operations—all
while automating bookkeeping.
Innovative Financial Solutions
The platform’s capabilities extend beyond basic financial
management. Open offers insights into cash flows and is working on developing a
more advanced prediction engine to improve financial forecasting. This focus on
comprehensive financial solutions has positioned Open as a vital tool for
modern businesses.
Giving Back to the Community
Open's rapid growth was bolstered by early-stage funding of
Rs 2 crore from Kerala Startup Mission’s (KSUM) Fund of Funds program. This
support was pivotal in scaling the platform and driving its success. Ajeesh's
vision for Open also included giving back to the community by establishing a
fintech accelerator and finishing school in collaboration with KSUM, aiming to
support emerging startups in the fintech space.
Achieving Unicorn Status
By May 2022, Open achieved unicorn status with a valuation
of $1 billion, reflecting its significant impact on the fintech industry. This milestone
was supported by substantial funding, including a Series D round that raised
$50 million, led by Arvon Investments and India Infoline, and participated in
by other notable investors.
Strategic Acquisitions and Investments
Open’s growth trajectory has been impressive, with the
company acquiring two organizations—Bhanu Tax Consultancy and Finin. The
platform has also made strategic investments in talent, technology, and
training programs to further enhance its offerings and maintain its competitive
edge.
Global Expansion Plans
The company’s expansion plans are ambitious. Open aims to
increase its user base from 2.5 lakh to 10 lakh in the next eight months, and
it plans to extend its reach to Southeast Asia, Europe, and the US. This global
expansion is supported by significant funding from investors such as Tiger
Global and Tanglin Venture Partners Advisors, totaling ₹250 crore.
Revenue Model and Market Impact
Open’s revenue model includes an annual subscription fee
ranging from ₹6,000 to ₹9,000, which has proven successful in attracting a
growing number of users. The company’s focus on simplifying banking processes
for startups and small businesses has resonated well with its target audience.
Vision and Leadership
Ajeesh Achuthan’s innovative approach and dedication have
been instrumental in Open’s success. Vaibhav Domkundwar, CEO of Better Capital
and an investor in Open, praises Ajeesh for translating his vision into action
and leading Open to become a pioneer in the neo-banking space in India.
A Transformative Success Story
Headquartered in Bengaluru, Open Financial Technologies has
become a prominent player in the fintech industry, achieving a valuation of
$3.14 billion and recording an annual revenue of $7.56 million. The company’s
success story serves as an inspiration for aspiring entrepreneurs and showcases
the potential of neo-banking in transforming the financial services landscape.
Recognition and Impact
Ajeesh Achuthan's contributions to the fintech industry have
not gone unnoticed. His work has earned him a place in Forbes' 30 Under 30
list, highlighting his impact on the financial technology sector. Through his
various ventures, Ajeesh has demonstrated a commitment to advancing digital
payments and business banking solutions, shaping the future of fintech with his
innovative approach and leadership.
A timeline for the story of Ajeesh Achuthan:
2009-2013: Pursued B.Tech. in Electrical and Electronics
Engineering at the University of Kerala.
July 2011: Co-founded InLoc8, a location-based ad-tech
startup.
November 2012: Co-founded Zwitch, a payment platform.
September 2015 - April 2017: Worked at Citrus Payment
Solutions, developed Sellfie.
October 2016 - April 2017: Worked at PayU India, led
integration and transition projects.
2017: Launched Open, a neo-banking platform for SMBs and
startups.
May 2022: Open achieved unicorn status with a $1 billion
valuation.
2023: Open expanded to a $3.14 billion valuation with a
$7.56 million annual revenue.
