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More than 65% of the commitments for the first close came from overseas Limited Partners (LPs), or investors.
With the new licence, Skydo can facilitate both incoming and outgoing payments between India and Canada, including local fund collections and payouts.
With these approvals, Skydo can now facilitate both incoming and outgoing international transactions for Indian businesses.
The funding round was co-led by Sherpalo Ventures and Singapore's sovereign wealth fund GIC.
Last year, Skydo raised $10 million in a Series A funding led by Susquehanna Asia Venture Capital.
The funding round also saw participation from existing investor Elevation Capital.
Earlier this month, OpenAI acquired Roi, a personal finance app developer.
The ChatGPT maker also announced the launch of OpenAI learning accelerator in India.
Skydo currently serves over 12,000 exporters in India, processing over $250 million in annual export payments.
With this, exporters on Amazon can receive their international payouts through Skydo, the company said in its statement.
