Update: Google-backed Dotpe raises $58 Mn in Series B round led by Temasek

Update: Dotpe announced that it has raised $58 million in a Series B round led by Temasek. The round saw participation from existing investors PayU, InfoEdge Ventures while Mitsubishi and Naya Capital join as new investors.

Original post follows

Google-backed e-commerce enablement platform Dotpe (Dot) has raised a new round led by Temasek. This would be the maiden funding round for the Gurugram-based company in 2022 and second in the past 18 months.

The board at Dotpe 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, regulatory filings with the RoC show.

Temasek (via V-Sciences Investment) has led the round with Rs 150 crore or $19 million while existing backer PayU Fintech Investment pumped in Rs 91.74 crore or $11.2 million.

MUFG Bank Ltd, Naya Global Investments, and Info Edge Ventures fund participated with Rs 75 crore, Rs 82.5 crore, and Rs 35.3 crore respectively. As per Fintrackr’s estimates, the company has been valued at around $245-250 million (post allotment). This is almost a 3X jump in its valuation as compared to its last round.

The company was in talks with Temasek to raise about $50 million.

Founded by PayU’s co-founder Shailaz Nag along with Gyanesh Sharma, and Anurag Gupta back in 2019, Dotpe provides digital transformation and commerce solutions to offline retailers of all shapes and sizes while providing extensive customer engagement such as marketing, customer support, logistics et al.

With the fresh funding, the company has mopped up over $90 million across three institutional rounds. The company raised a $27.5 million worth Series A round led by PayU in March 2021 and $7.5 million seed round in February 2020.

According to its website, it has helped over 7.5 million partners including BiryaniBlues, Burger Singh to go online and manage their operations. Dotpe competes with Matrix-backed Dukaan, Shopify and several others. Recently, ShopX, one of Dotpe’s competitors, filed for bankruptcy and eventually shut its operations.

In September last year, Dotpe acquired billing point of sale (POS) company Rishta for an undisclosed amount.

Update: The story and headline have been updated to reflect the exact amount announced by Dotpe