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In August, PhonePe accounted for a 45.64% share of UPI transaction volume, followed by Google Pay at 32.26% and Paytm at 8.03%.
Existing investors Z47 and Lok Capital participated in the round along with Norinchukin Capital and Alteria Capital.
The Mumbai-based startup will deploy the fresh capital to expand its engineering team, among others.
The funding round also saw participation from existing investors Kunal Shet and Parth D Bhasin.
The cohort also includes founders with backgrounds at companies such as Airbnb, Microsoft Research, Google and India's recently minted unicorn Sarvam AI.
Qualified institutional buyers (QIBs) drove the demand, subscribing to their portion 227.5x.
The agency said the total value of proceeds of crime attached, frozen and seized during the investigation so far stands at around Rs 2,843 crore.
The round also saw participation from Entrepreneur First and a group of angel investors, including backers from quantitative trading firms.
The fund has brought Quest Global Engineering Services as a Limited Partner (LP), adding an institutional investor from the engineering sector to its LP base.
The fresh capital will be used for product development, customer deployments, and expanding its engineering teams across the US, India, and Israel.
The AJVC investment is part of Novastar's broader private-markets strategy that combines fund investments with selective direct bets on private companies.
The funding round also saw participation from Claypond Capital, Martin Chavez, Olivier Pomel, Venky Harinarayan and Shah Rukh Khan.
The overall value of merchant category-wise purchases via UPI fell to Rs 8.95 lakh crore in August from Rs 9.07 lakh crore in July, even as transaction volumes rose.
The funding round also saw participation from angel investors Afsar Ahmad, Jani Pasha, and Arpit Dave.
The funding round also saw participation from 360 ONE Asset, IMM Investment, as well as existing investors Radical Ventures, growX Ventures, and others.
The Noida-based startup will use the funding to expand its AI tutoring platform and reach more schools and students.
The merged entity will operate under the InsuranceDekho brand and will be led by founder and CEO Ankit Agrawal.
The Bengaluru-based fund is targeting a corpus of Rs 150 crore, with a Rs 50 crore greenshoe option.
The shares were picked up by a clutch of institutional investors, including Integrated Core Strategies (Asia), Singularity Large Value Fund III and F3 Advisors.
