The Gurgaon-based company secured funding from existing investors like PayU and Info Edge Ventures making it the first O2O company in India to receive such a substantial investment within a year of launch.
The payments and fintech business of Prosus, PayU’s recent investment with DotPe has resulted in an increase in their existing stake in the Indian company. Another previous investor, Info Edge Ventures has also doubled down on its seed investment in the company made last year and more than doubled its shareholding.
But the most significant investment aside from PayU and Info Edge was the round of funding coming from US tech giant Google who came in as a new investor in the Indian company that has been helping small business transition online.
“We are pleased to add Google, an innovation leader, as an investor. This new partnership will empower businesses (big or small) to be more discoverable, expand business avenues and conduct commerce like never before. Pandemic or not, we are here to reimagine the way offline businesses work and bring the digital revolution to the doorstep of every entrepreneur,” DotPe co-founder Shailaz Nag said.
Nag said DotPe has also made some key hires in the recent months to strengthen its business.
Nag said the fresh round of funding will be deployed towards accelerating product development, market expansion, and scaling technology to meet the fast-growing market demand.
With the recent $27.5 million in additional funding from investors like Pay-U, Google, and Info Edge Ventures, DotPe now has total funding of $35.5 million.
DotPe is also the only Indian platform to have successfully penetrated the entire landscape of offline-to-online commerce from merchants in rural pockets of India to FnB mega players.
Started by Nag, a former PayU founder together with Gyanesh Sharma and Anurag Gupta in March 2020, DotPe stands notably as the only Indian platform to have successfully digitized enterprises as well as SMB customers through a full-stack solution.
From giving small businesses an online presence to enabling seamless ordering (in-store and remote) to online payments and delivery, DotPe has been making strides in helping small entrepreneurs since it launched in March 2020.
On the enterprise side, DotPe has deep integration with over 10,000 restaurants and food courts, including leading global and domestic FnB brands.
On the SMB front, their product Digital Showroom has on-boarded over 5 million merchants within 6 months of launch in September 2020 with best-in-class retention and engagement. The product enables merchants to sell online by creating a digital storefront and accepting orders through WhatsApp.
In the last 12 months, over 5 million Indian consumers have switched to the hassle-free way of ordering and buying from DotPe’s merchants using its platform. Over 38% of orders daily are now through repeat consumers.
“In a very short time, DotPe has acquired a promising merchant base with its impeccable product experience and innovation. We have always believed in fostering innovation by working with such disruptive, early-stage start-ups. Under Shailaz’s leadership, we believe DotPe is positioned for rapid expansion as it disrupts and transforms the offline to online segment. They also align seamlessly with PayU’s vision of digitising payments in India by enabling merchants of all sizes. We are thrilled to build on our initial investment and continue to support the company on its journey.” Anirban Mukherjee, CEO of PayU India said.
Kitty Agarwal, Partner at Info Edge Ventures said that DotPe has seen rapid adoption by merchants across industries- enterprises and SMBs- within a year of launch.
“The product experience and merchant and consumer stickiness are best-in-class with many marquee brands now expanding use cases with them and integrating even more deeply. Our significant follow-on investment attests to our belief in the team and the ecosystem play panning out. We see DotPe as integrated commerce and fintech platform that empowers merchants and enables them to control their digital presence, discoverability, commerce, payments, etc. to complete their offline-to-online journey and are excited about the possibilities ahead,” Agarwal said.
Google India vice-president and country head Sanjay Gupta said the tech giant has seen the acceleration in offline players seeking to move their businesses online in the past few months especially during the height of the pandemic.
“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. This investment under Google for India digitization fund underlines our belief in working with India’s start-up ecosystem towards the goal of building a more inclusive digital economy that will benefit everyone,” Gupta said.