DotPe raises $58 million to add financial services

Indian Offline to Online Commerce Platform PointPe reportedly raised $58 million in a Series B round and said it plans to add B2B financial services to its offerings.

The company also said it plans to use the new investment to triple the number of merchants using the platform over the next two to three years, after that number had tripled in the previous three years, Money Control reported Monday (September 19).

“We are building a complete ecosystem for offline merchants to get [digitized]”, CEO of DotPe Shailaz Nag said in the report. “We aim to grow our merchant base from 7.5 million currently to 20 million within the next two to three years.”

DotPe was founded in 2020 and currently provides solutions that help businesses enable in-store and remote ordering, online payments, online marketing and delivery, according to the press release.

With the new funding, it plans to add new financial services such as B2B neobanking solutions and merchant loans, according to the release.

Vijay AgishaGlobal Head of Strategy and Growth at PayU, who is an existing investor who also participated in the last funding round, said in the report, “We have been associated with DotPe since its inception and believe in its potential to fundamentally transform the day-to-day operations of businesses in India. There are synergies between PayU’s vision for a holistic Indian merchant ecosystem and DotPe’s phenomenal work in [digitizing] this space.

Micro, small and medium-sized enterprises (SMEs) are essential to India’s economy, but they struggle to access finance, KredX CEO Manish Kumar said PYMNTS in an interview published in January.

Read more: India’s supply chain ecosystem benefits from new financing options

“If given an option, businesses will want to buy products primarily on credit because then they can first sell their product and then pay it back, otherwise it creates a problem for them to scale as fast as they need a lot capital to continue buying,” Kumar said.

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Stephen V. Lee