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The round also saw participation from WYSER, CDM Capital and Seedstars.
Prior to this funding round, RevRag AI had secured $600,000 in a pre-seed round led by Powerhouse Ventures in August 2024.
Digital gold purchases value via UPI increased to Rs 2,585.35 crore in September from Rs 2,488.52 crore in August.
The fund is targeting a total corpus of Rs 1,500 crore, including a green-shoe option, with NABARD as its anchor investor.
To improve cash flows, the Council has proposed faster processing of GST refunds.
Kumar, who has been with the company for over five years, currently leads Google Cloud’s Digital Natives segment in India.
The funding round also saw participation from Stargazer.
The proposed introduction of a Merchant Discount Rate (MDR) on UPI transactions, which was starting from October 15, is likely to be deferred to January.
The startup will use the fresh capital to expand its wealth and investment teams, strengthen its technology platform and build its investor education ecosystem.
The funding round also saw participation from a group of angel investors.
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.
