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The funds will primarily be used to scale up the company's manufacturing capacity, while also expanding its leadership team and strengthening its client-facing engineering and R&D divisions.

This latest capital injection pushes the round's total size to around USD 161 million, with Accel Leaders Fund having previously led the round with a USD 131 million investment.

Ecommerce major Flipkart, through its subsidiary Quick Routes International, exited its entire 9.01% stake in BlackBuck, fetching INR 672 crore via two bulk deals. Flipkart had already sold 3.9 million shares during BlackBuck's public listing late last year.

The round also saw participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other strategic fintech investors.