Novo, a fintech platform for small businesses, has raised additional funding of $35 million in its Series B round from GGV Capital. The funding will deepen Novo’s commitment to India through large-scale hiring and enhance its technological prowess in offering unparalleled service to customers, said the company.

This brings Novo’s Series B to $125 million, and total equity funding to more than $170 million. Novo said Robin Li, Principal, GGV Capital, will also join the board as an observer.

Doubling workforce

Ajar Upadhyay, Director Operations — India, Novo, said, “After securing Series A and B funding, we are concentrating on the following expansion plan, which calls for hiring talented individuals in middle- and top-level management positions in banking, data and engineering in India over the next six months. We expect to double our current workforce by the end of next year. This will help us create a motivated team that is expanding to achieve new milestones in India.”

Novo said it has surpassed more than $12 billion in lifetime small business transactions and has brought in more than 180,000 small business customers. “Over the last year, we’ve added incredible new functionality to the Novo Platform and brought in tens of thousands of new small business customers. GGV has been instrumental in scaling some of the world’s most successful technology companies across industries. With their support, we look forward to reaching millions more small businesses in the coming years,” said Michael Rangel, CEO and Co-Founder of Novo.

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