Gurugram-based payments services provider and trading platform DotPe has raised around $54.5 million in a new funding round led by Temasek. PayU, Japan’s MUFG Bank, Naya Global Investments Pte and Info Edge Ventures also participated in the round.
At an EGM held on 14 September 2022, the board of directors of the startup passed a resolution to allot 20 equity shares and 7,327 cumulative mandatory convertible participatory preference shares series C at an issue price of INR 5,91,525 each to five investors. While new investors Temasek and MUFG Bank each received 10 equity shares each, other existing investors received Series C CCPS. the startup was valued at $240 million in the funding round.
Founded in 2020 by Gyanesh Sharma, Anurag Gupta and Shailaz Nag, DotPe offers payment services to offline and online businesses. In addition, it also helps offline businesses go online and provides order management services. The startup claims that more than 7.5 million merchants worldwide use its services. Barista, Social, Wat-a-Burger and The Big Chill Cafe are among the brands using its solution.
Following the allotment of shares, PayU will continue to hold a 22.6% stake in the startup on a fully diluted basis. Meanwhile, Temask’s investment arm V-Sciences Investments Pte. Ltd will hold a 7.75% stake and MUFG Bank will hold a 3.88% stake.
PayU, Info Edge, Temasek, Naya Global Investments Pte Ltd and MUFG Bank will together hold a 40.3% stake in the startup. The new round of investment comes nearly a year after DotPe acquired Rista to venture into the point-of-sale business. The acquisition allowed DotPe to introduce offers for offline merchants as well.
Earlier, the startup raised $27.5 million in its Series A round led by Google. Info Edge Ventures and PayU also participated in the funding round.