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Thursday, December 8, 2022

Google-backed payments startup DotPe gets $54.5M  in new funding round

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Google-backed payments service provider DotPe has secured around $54.5 Mn in a new funding round. The Gurugram-based startup was valued at $240 Mn in the round.

DotPe, a payments service provider and commerce platform located in Gurugram, has secured $54.5 million in a fresh investment round headed by Temasek.

PayU, Japan’s MUFG Bank, Naya Global Investments Pte, and Info Edge Ventures also participated in the round.

According to its regulatory filing, the startup’s board passed a resolution to allot 20 equity shares and 7,327 Series C cumulative compulsory convertible participatory preference shares to the five investors at an issue price of INR 5,91,525 each at an extraordinary general meeting held on September 14, 2022.

While Temasek and MUFG Bank received 10 equity shares apiece, the remaining existing investors received Series C CCPS.

During the fundraising round, the business was valued at $240 million. PayU will retain a fully diluted 22.6% ownership in the business following the allocation of shares.

Meanwhile, Temasek’s investment arm, V-Sciences Investments Pte. Ltd, will own 7.75% of the company, while MUFG Bank will own 3.88%. PayU, Info Edge, Temasek, Naya Global Investments Pte Ltd, and MUFG Bank will together own 40.3% of the firm.

The new round of funding comes nearly a year after DotPe purchased Rista to enter the point-of-sale market. DotPe was able to launch offerings for offline retailers as a result of the purchase.

DotPe, founded in 2020 by Gyanesh Sharma, Anurag Gupta, and Shailaz Nag, provides payment services to both physical and internet businesses. It also assists offline businesses in going online and provides order management services. The firm says that its services are utilized by over 7.5 million retailers worldwide. Among the brands that use its solutions are Barista, Social, Wat-a-Burger, and The Big Chill Cafe.

Previously, the business raised $27.5 million in a Series A financing funded by Google.

Info Edge Ventures and PayU also participated in the fundraising round.

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