Gurgaon-based IT startup DotPe on Friday announced that it has secured around Rs 200 crore in Series A funding. The funding round was led by Naspers firm PayU along with participation from Google and Info Edge ventures.
Speaking about the investment, DotPe co-founder Shailaz Nag told PTI that Info Edge Ventures has doubled down on its seed investment in the company made last year and has more than doubled its shareholding.
On the other hand, tech giant Google. has emerged as the latest big investor and partner which is good for the whole ecosystem of digitising merchants.
The funds will be used to merchant base and build many more products that will help in digitising merchants, Nag said.
The merchants that are digitised by DotPe will be listed in Google search as well, Nag said.
Meanwhile, Google India vice-president and country head Sanjay Gupta said, “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.”
PayU continues to be the second biggest stakeholder in the company after DotPe promoters.
Nag further said that there is not much difference between PayU stake and other investors.
DotPe claims to have onboarded over 50 lakh merchants within six months of launch in September 2020, which includes over 10,000 merchants.
PayU and Info Edge Ventures are existing investors in the one-year-old startup company.