India, Feb. 24 -- Fintech unicorn Oxyzo has secured INR 100 Cr (around $11.5 Mn) in debt from AK Capital.

In a regulatory filing, the company said that its board allotted 1,00,000 non-convertible debentures to AK Capital at an issue price of INR 10,000 each to raise INR 100 Cr.

The company plans to use the raised funds to strengthen its long-term resources and cover day-to-day expenses.

Entrackr reported the development first.

Notably, the debts were issued for a tenure of 24 months and will carry an interest rate of 9.75% per annum.

Oxyzo is the fintech arm of unicorn OfBusiness. It entered the unicorn club in March 2022 after raising a maiden funding of $200 Mn from Tiger Global, Norwest Venture Partners, Alpha Wave, Matrix Partner...