From Failures to Unicorn: The Inspiring Journey of Mabel Chacko

Meet the Woman Who Failed Thrice Before Building an ₹8000 Crore Company

From failure to phenomenal success, the journey of Mabel Chacko’s inspiring journey, founder of Open Financial Technologies, is a true testament to perseverance and innovation.

Early Dreams and Setbacks

After graduating from IIM Bangalore, Mabel Chacko set her sights on creating India’s first biometric payment interface. In 2006, she launched Touch2Pay, introducing the technology in the remote villages of Gujarat. But challenges quickly mounted.

For one, building tech infrastructure in a Tier 2 city proved to be an uphill battle. Adding to the struggle, convincing investors and banks to support her vision seemed almost impossible. Within a year, Touch2Pay folded. Determined to keep going, Mabel tried again with Cashnxt, a contactless payment solution. Yet, this venture also failed to gain traction.

A Fresh Start in Bangalore

Unwilling to give up, Mabel relocated to Bangalore in 2009, a city brimming with resources and opportunities. Here, she co-founded Neartivity Wireless and launched Simpaise, a platform utilizing NFC technology with an external secure element chip adaptable to any smartphone. Finally, her persistence began to pay off.

Neartivity Wireless earned a spot among Dare Magazine’s top 75 startups to watch. Yet, challenges remained, and the road to success was far from smooth. Undeterred, Mabel forged ahead and, in 2012, launched Zwitch—India’s first developer-focused payment platform. This time, the magic truly began.

The Rise of Zwitch

Within just three years, Zwitch had secured 3,000 business clients and facilitated transactions worth ₹10 crore every month. On October 20, 2015, Zwitch was acquired by CitrusPay, a fintech leader that had recently raised $25 million in Series C funding. But for Mabel, this was just the beginning.

Building Asia’s First Neobank

While working at CitrusPay, Mabel noticed a glaring gap in business banking—startups struggled to manage expenses efficiently. Inspired to address this problem, she teamed up with her husband and long-time co-founder, Anish Achuthan. In May 2017, Open Financial Technologies was born, with a bold mission: to build Asia’s first neobank for startups.

Open offered zero-cost current accounts, invoicing solutions, and automated bookkeeping tools. Startups quickly embraced the platform. By 2019, Open had processed transactions worth ₹14,000 crore and served 30,000 startups. The company raised ₹35.8 crore in February 2019, hitting a valuation of ₹100 crore.

Exponential Growth

Open’s growth trajectory was nothing short of spectacular. Adding 20,000 clients every month, the company expanded its team to 85 members across Delhi, Mumbai, and Bangalore. Within six months, Open served 1,00,000 SMEs and processed over ₹35,000 crore in transactions. By June 2019, Open raised ₹208 crore from Tiger Global at a valuation of ₹3,860 crore.

The company continued to diversify its offerings, including corporate cards, UPI autopay, and API-driven simplified payouts. With 23 lakh customers and a market share of 30%, Open reached a pivotal milestone on May 2, 2022: it raised ₹383 crore from IIFL, becoming India’s 100th unicorn, valued at ₹7650 crore.

A Legacy of Inspiration

Today, Open processes $35 billion in annual transactions, serving over 35 lakh businesses and partnering with 15 of India’s top 20 banks. Mabel Chacko’s inspiring journey, who once left her home in Ahmedabad after multiple failures, has built a company that stands as a beacon of resilience and innovation.

Her story is a powerful reminder that persistence, vision, and adaptability can transform failures into stepping stones for success. Mabel’s journey from struggling entrepreneur to the helm of an ₹8000 crore unicorn inspires countless others to chase their dreams, no matter the odds.