Indian payments startup DotPe raises $54 million in funding

Oluwajuwonlo Afolabi -

DotPe, an India-based payments startup has raised $54.4 million in its new funding round led by Temasek, Singapore's sovereign fund.

  • Founded in 2019, Dotpe is a full-stack solution provider setting up payments and delivery systems for small and medium enterprises, alongside store management and marketing management tools for businesses.
  • Temasek is contributing $18.7 million; Naya Global, MUFG Bank, and PayU fintech investment are investing $10.3 million, $9.3 million, and $11.4 million respectively to the round. Its existing investor InfoEdge Ventures is doubling down on its investment with $4.4 million.
  • The payments startup earlier raised $27.5 million in March 2021, with PayU, Prosus payments and fintech business and InfoEdge Ventures doubling down, with participation from Google.
  • It raised $8 million in seed funding in 2020 led by PayU and FosunRZ Capital, with participation from InfoEdge Ventures and individual investors. DotPe claims it had onboarded 7.5 million merchants on its platform in tier 1,2, and 3 cities in India as of February this year.