Google-backed DotPe raises $55 million in a round led by Temasek
Gurgaon-based offline payment service provider and commerce platformhas raised a funding round of $55 million (Rs 435 crore) led by Temasek.
The round, which also saw participation of investors PayU Fintech Investment, Info Edge Ventures, MUFG Bank Ltd and Naya Global Investments, takes the total fundraise to about $90 million via three institutional rounds, to date.
The company has raised $27.5 million Series A round from PayU, Info Edge and Google in March 2021 and $7.5 million seed round in February 2020.
As per the regulatory filing, the board passed a resolution to allot 20 equity shares and 7,327 Series C cumulative compulsory convertible participatory preference shares at an issue price of Rs 5,91,525 per share to the five investors to raise $55 million.
After the allotment, PayU will continue to hold 22.6% stake in DotPe on a fully diluted basis while Temasek’s investment arm V-Sciences Investments Pte Ltd will hold 7.75% stake and MUFG Bank will hold 3.88% stake.
Entrackr was the first to report on the development.
Founded in 2020 by PayU co-founder Shailaz Nag along with Gyanesh Sharma, and Anurag Gupta back, DotPe provides a full-stack payment and commerce solutions to offline retailers to enable them digitise their offering, along with order management services and customer engagement solutions like marketing, logistics etc.
DotPe Co-founders (L-R) Shailaz Nag, Anurag Gupta, and Gyanesh Sharma,
In September 2021, the startup bought billing point of sale (POS) company Rishta for an undisclosed amount, to foray into point-of-sale business.
DotPs claims it has a customer base of about 7.5 million merchants across the world and is providing services to brands like Barista, Social, Wat-a-Burger, The Big Chill Cafe and BiryaniBlues.