DotPe co-founder Shailaz Nag told PTI that Info Edge Ventures has doubled down on its seed investment in the company made last year and has more than doubled its shareholding.
IT startup DotPe on Friday said it has raised around Rs 200 crore in a funding round led by Naspers firm PayU along with participation from Google and Info Edge ventures.
PayU and Info Edge Ventures are existing investors in the one-year-old startup company.
DotPe co-founder Shailaz Nag told PTI that Info Edge Ventures has doubled down on its seed investment in the company made last year and has more than doubled its shareholding.
‘Google has come up as a new investor and partner which is good for the whole ecosystem of digitizing merchants. We will use the fund to expand the merchant base and build many more products that will help in digitizing merchants,’ Nag said.
The merchants that are digitized by DotPe will be listed in Google search as well, Nag said.
‘In the last few months, we’ve seen an acceleration in offline players seeking to move their businesses online. We’re pleased to back young companies like DotPe that are supporting India’s digital transformation by connecting consumers and merchants through helpful, innovative tools,’ Google India vice-president and country head Sanjay Gupta said.
PayU continues to be the second-biggest stakeholder in the company after DotPe promoters.
‘There is not much difference between PayU stake and other investors,’ Nag said.
DotPe claims to have onboarded over 50 lakh merchants within six months of launch in September 2020, which includes over 10,000 merchants.
PTI
Source: Business World
