Dotpe, a Gururam-based e-commerce start-up, which is backed by Google, has raised $55 million in the new funding round led by Temasek. While Temasek has infused Rs 150 crore or $19 million, PayU has invested Rs 91.74 crore or $11.2 million in the start-up. This is the maiden funding of the offline-to-online (O2O) platform in 2022, and the second in the past 18 months.
According to the filings on the Registrar of Company, Dotpe’s board has passed a special resolution to issue 20 equity and 7,327 compulsory cumulative preference shares (CCPS) at an issue price of Rs 5,91,525 per share to raise Rs 435 crore or $55 million.
As per a report by Entrackr, apart from Temasek and PayU, MUFG Naya Global Investments and Info Edge Ventures fund have also invested Rs 75 crore, Rs 82.5 crore, and Rs 35.3 crore, respectively in the recent funding round. With this, the company’s valuation surged three-fold compared to the last funding round at $245 to $250 million. In February 2020, the company raised $7.5 million in the seed funding round, whereas, in March 2021, the company raised $27.5 million in the Series A funding round.
Founded in 2019, by PayU’s co-founder Shailaz Nag, along with Gyanesh Sharma, and Anurag Sharma, the company provides digital transformation solutions to offline retailers to enhance customer engagement such as marketing, customer support, and logistics among others. With a customer base of seven million merchants, the company provides services to both small and large enterprises such as Biryani Blues and Burger Singh.
In September last year, Dotpe acquired billing POS Rista at an undisclosed amount.