E-commerce platform Akulaku has reportedly raised $70m in its Series C round which was led by Fanpujinke Group.
Other contributions to the round came from Sequoia India, BlueSky Venture Capital, and Qiming Venture Capital, according to a number of reports in the media.
Akulaku, which has offices in Indonesia, Malaysia, and Philippines, is an e-commerce platform which enables consumers to pay for products over instalments, without the need of a credit card. Users can shop for a range of products types from brands including Apple, Samsung, Huawei, Asus, Sony and Go Pro, among others.
Through the new equity injection, the company will look to bolster its position in Southeast Asia, as well as launch a selection of new features, the articles said.
Last year, the company raised a funding round which was valued at between $5m and $10m, from backers including DCM Ventures and Qiming VC.
Earlier in the year, Sequoia India closed its sixth vehicle on $695m with an aim of doubling down on investments in early and growth-stage companies. Its Fund VI has raised a significant less amount of capital to its predecessor which had a capital pool of $920m.
The firm recently closed a $25m Series B round of funding of OnlinePajak, a provider of tax compliance solutions in Indonesia. OnlinePajak provides a web-based tax application that allows taxpayers to perform calculations, payments, and tax reporting in a single platform.
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