DotPe Raises $58M to Add Financial Services

Indian offline-to-online commerce platform DotPe has reportedly raised $58 million in a Series B spherical and stated it plans so as to add B2B monetary providers to its choices.

The firm additionally stated it plans to make use of the brand new funding to triple the variety of retailers utilizing the platform over the following two or three years, after that quantity tripled over the earlier three years, Money Control reported Monday (Sept. 19).

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

DotPe was based in 2020 and presently provides options that assist companies allow ordering each in-store and remotely, on-line funds, on-line advertising and marketing and supply, in keeping with the press launch.

With the brand new funding, it plans so as to add new monetary providers corresponding to B2B neobanking options and lending for retailers, per the discharge.

Vijay Agicha, world head of technique and progress at PayU, which is an current investor that additionally participated within the newest funding spherical, stated within the report, “We have been associated with DotPe since its inception and believe in its potential to fundamentally transform daily operations for 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.”

Microbusinesses and small- to medium-sized companies (SMBs) are key to India’s financial system, but they’ve problem accessing financing, KredX CEO Manish Kumar advised PYMNTS in an interview posted in January.

Read extra: India’s Supply Chain Ecosystem Gains New Financing Options

“If given an option, the companies will want to buy products mostly on credit, as they can then first sell their product and then pay it back, else it creates a problem for them to scale as fast as they need lots of capital to continue buying,” Kumar stated.

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