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The RBI clarified that Tata Sons' inclusion is subject to the outcome of its pending application for deregistration as an NBFC.
The funding round also saw participation from existing investor Negen Capital.
The Bengaluru-based startup will use the fresh capital to scale its operations over the next 12 months and expand geographically, among others.
The IPO comprises of fresh issue of shares worth up to Rs 1,500 crore, and an offer for sale (OFS) worth up to Rs 1,500 crore.
The fresh capital will be used to accelerate technology platform development and expand into secondary and tertiary markets.
Altum Credo will use the fresh capital for market expansion and to boost its lending operations.
