DotPe raises $ 58 million in Series B Funding from Temasek, PayU and others
New Delhi, September 20, 2022
DotPe, one of India's leading tech-enabled multi-channel commerce platforms for big and medium-scale merchants, announced on Monday that it has raised $ 58 million in a 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, while Mitsubishi and Naya Capital have joined as new investors, a press release from the company said.
DotPe provides sellers integrated omni-channel solutions to run, manage, and grow their business with an ecosystem of commerce solutions, marketing software, and banking services. The platform is a one-stop destination that serves all types and sizes of business owners from SMBs to Fortune 500 brands.
The company currently serves over 7.5 million brands including local, national and international brands such as McDonald's, 24 Seven and Taco Bell in its portfolio. Founded in 2020, its merchant-base has grown over three times since launch, the release said.
DotPe’s co-founder and CEO Shailaz Nag said “We started DotPe with a vision to become the primary enabler and disruptor in the O2O commerce segment. Our company has had a great run so far. However, existing merchants are barely the tip of the iceberg in terms of the market opportunity – 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 more affordable and accessible, we also plan to foray into financial services and further empower merchants with business loans & credit lines to turbocharge their growth.”
Vijay Agicha, Global Head of Strategy and Growth at PayU, commented on the investment, “We have been associated with DotPe since its inception and believe in its potential to fundamentally transform daily operations for businesses in India. There are synergies between PayU’s vision for a holistic Indian merchant ecosystem and DotPe’s phenomenal work in digitising this space. We look forward to empowering more Indian businesses with the benefits of digitization and co-creating a brighter future for the country's merchant community."