E-commerce enabler DotPe, on Monday announced that it has raised $58 million in its series B funding round led by Temasek. The round saw participation from existing investors PayU, the payments and fintech business of Prosus, and InfoEdge Ventures. Mitsubishi & Naya Capital join as new investors.
The startup plans to foray into financial services and further empower merchants with business loans and credit lines for its merchant partners.
Founded in 2020 by PayU co-founder Shailaz Nag along with Gyanesh Sharma and Anurag Gupta, DotPe enables online business solutions for retailers. The company also provides ordering, online payments, and delivery facilities to its customers.
The company provides sellers with integrated omni-channel solutions to run, manage, and grow businesses with an ecosystem of commerce solutions, marketing software, and banking services.
“There are millions of offline businesses in India waiting for simple, effective and affordable tech-led tools to scale. As we keep democratising opportunities for business growth with our omni-channel solutions and making technology affordable and accessible, we also plan to foray into financial services and further empower merchants with business loans and credit lines to turbocharge their growth,” said Nag.
The company claims that it currently serves over 7.5 million brands including local, national and international companies as well as small and medium-sized business (SMB) merchants.
DotPe’s clientele includes McDonald's, 24-Seven and Taco Bell. The company claims that its merchant base has grown over 3X since its launch.
Prior to this, the startup raised $27.5 million (around Rs 199.6 crore) in a Series A round in its Series A round led by existing investor PayU. Other participants include Info Edge Ventures and technology giant Google.
In 2020, the startup raised around $8 million (Rs 56.8 crore) in its seed round led by payments company PayU and Chinese conglomerate Fosun International.
Last year, the Gurugram-based company point-of-sale (PoS) startup Rista in an all-cash deal, marking its foray into the PoS segment. Rista was started by Srini Vasan in 2015. The company had around 1,500 merchants using its services at the time of acquisition.