Indian lending startup Oxyzo Financial Services has raised $200m in its Series A funding at a valuation of $1bn.

The round was co-led by Alpha Wave and Tiger Global, with participation from Norwest Venture Partners, Matrix Partners, and Creation Investments.

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Oxyzo will use the proceeds to expand its digital financial services play organically and inorganically.

The funds will also be used to scale Oxyzo’s supply chain marketplace, launch new fixed income products for small and medium-sized businesses and scale other fee incomes business lines such as debt capital markets and securities.

Oxyzo co-founder and CEO Ruchi Kalra said: “With the emergence of the digital economy, we see a marked shift in the emerging needs and servicing approach in the B2B segment. We want to be at the forefront of this as a diversified financial services company, differentiated through its innovative financial products and digital platforms on the back of strong credit and origination capabilities.”

Oxyzo, which started as a lending unit of OfBusiness, provided cash flow and matched working capital financing to SMEs operating in sectors such as manufacturing and sub-contracting.

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Gradually it expanded its product portfolio to cater to a broader customer base of SMEs, mid-corporates, as well as the new age economy.

Notably, Kalra had co-founded OfBusiness with her husband Asish Mohapatra and others in 2015.

OfBusiness Group CEO Asish Mohapatra said: “Both OfBusiness and Oxyzo have a strong borrowing profile enjoying confidence across 50+ financial institutions.”

Oxyzo claims to have disbursed $2bn and currently has $350m in assets under management.