Indian payment firm Juspay has secured $21.6m funding in a Series B round led by investment company Vostok Emerging Finance (VEF).
VEF invested $13m in Juspay and now owns a minority holding in the payment firm.
As part of the deal, VEF also gained board seat in Juspay.
Wellington Management as well as existing backer Accel also participated in the fundraising.
Juspay intends to use the capital to bolster its reach in India and expand its offering globally.
The firm also plans to use the infusion for research and development work.
Juspay founder and CEO Vimal Kumar said: “The next 10 years will see an exponential growth in digital transactions as software is eating the world, radically changing our everyday lives.
“The fin-tech infrastructure needs an overhaul and India is leading the way here with next-gen protocols like UPI, mandatory 2FA and measures to drastically reduce the cost of a transaction.”
Juspay’s clientele includes Amazon, Flipkart, Uber, Swiggy, Ola as well as Cred, among others.
The payment firm supports over $10bn of annualised payment volume for its clients.
Commenting on the investment, VEF investment partner Alexis Koumoudos said: “As is typical at VEF, we have been tracking the team and progress for a long time before making this, our first investment into India.
“We see huge growth potential in the business driven by the first principle innovation that is part of Juspay’s DNA and the general digitisation of the Indian economy.”