Gurgaon-based offline-to-online commerce platform, DotPe on Friday announced it has secured $27.5 million (Rs 200 Crore) in Series A funding. The capital infusion makes DotPe the first such company in India to receive a substantial amount within a year of launch. The round was spearheaded by its early investor, PayU, the payments and fintech business of Prosus,along with participation from Google and Info Edge ventures.. Notably, PayU and Info Edge Ventures are existing investors in the one-year-old startup company.
Speaking with news agency PTI, DotPe co-founder Shailaz Nag said that Info Edge Ventures has doubled down on its seed investment in the company made last year and has more than doubled its shareholding. Announcing Google as its new investor, Nag said the fresh funding will be deployed towards accelerating product development, market expansion and scaling technology to meet the fast-growing market demand. The merchants that are digitised by DotPe will be listed in Google search as well.
Started by ex-PayU founder Shailaz Nag with Gyanesh Sharma and Anurag Gupta in 2020, DotPe has digitized enterprise as well as SMB merchants through a full stack solution. On the enterprise side, it has deep integration with more than 10,000 restaurants and food courts, including leading global and domestic FnB brands.
“In the last few months, we”ve seen an acceleration in offline players seeking to move their businesses online. We’re pleased to back young companies like DotPe that are supporting India”s digital transformation by connecting consumers and merchants through helpful, innovative tools,” Google India vice-president and country head Sanjay Gupta said.
PayU continues to be the second biggest stakeholder in the company after DotPe promoters. DotPe claims to have on-boarded over 50 lakh merchants within six months of launch in September 2020, which includes over 10,000 merchants.