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The surrender of the payments licenses comes even as Tata Digital says it is sharpening its focus on financial services.
The startup will use the fresh capital for product development, AI and machine learning engineering, customer acquisition, go-to-market expansion, and working capital requirements.
In its initial phase, the programme targets the creation and growth of nearly 4,000 rural enterprises over the next three years.
The funds were raised via a mix of listed non-convertible debentures (NCDs) and external commercial borrowings (ECB).
The Bengaluru-based startup will use the fresh capital to boost its R&D in multi-agent autonomy and vision-based navigation.
