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The funds will be used to advance its product development, and boost its sales, marketing and customer success initiatives. The aim is to focus on its recently launched products, Accelerate and Beam AI. Accelerate is a business management software specialised for outdoor services and Beam AI is an extension of the company's AI-powered sales automation platform for the construction industry.

The funds will be deployed to broaden the companys geographical presence and to grow the team across risk, engineering, analytics and sales. InPrime will also use the proceeds to develop digital channels and credit scoring models and expand its loan portfolio.

InPrime Finserv has raised $3 million in a Series A round led by Matrix Partners India, while Udaan’s valuation has fallen by nearly half.

Investment in startups fell 79% in the December 4-8 week, from $514 million across 38 funding rounds in the same period a year ago. Sequentially, however, funding activity saw a surge of 81%, compared to $59 million raised across 18 rounds, last week.

Amid the ongoing cash crunch at Byjus, founder and CEO Byju Raveendran told senior executives that he is aiming to address the crisis over the next 45-60 days.