I've definitely structured f# modules that way. The module exposes one function that "injects" the dependency into multiple other functions, and then returns them as a blob.
I'm not sure if that's "the fsharp way" (i suspect it isn't) and maybe I'll look back on it some day and cringe, but it's working pretty well for some of my (admittedly small) side projects I'm tinkering with right now.