Google has joined PayU and Info Edge Ventures by investing $27.5 million in DotPe -making it the first such Indian startup to receive capital of this magnitude just a year since launch. The firm is now valued at about $90 million.
DotPe, founded in 2019, is an offline-to-online (O2O) commerce and payments platform which provides digital support to brick-and-mortar grocery stores so that they can process payments and create a catalog online.
The fresh funding will be used for scaling technology to service growing demands along with product development and expanding market.
O2O e-commerce is a hot category in the Indian market which was boosted by the ongoing pandemic.
The pandemic forced small enterprises to switch to digital since avoidance of surface contact and social distancing norms became a mainstay.
Google’s investment in the young Indian startup is all a part of its $10 billion Google for India digitisation fund exclusively for Indian start-ups spanning the next 5-6 years.
Through this program the megacorp aims to cash in on a rapidly expanding and inclusive Indian digital economy and start-up ecosystem that facilitates the same.
Google also has stakes in other Indian start-ups like Dunzo, InMobi Group’s Glance and DailyHunt.
What DotPe Offers and How It Works
DotPe has partnered with 10,000 restaurants and food courts across India registered with the National Restaurant Association of India.
In the small and medium businesses (SMB) category over 5 million are reportedly on board the Digital Showroom solution, DotPe’s flagship product.
Digital Showroom integrates enterprises with WhatsApp to sell products through a digital storefront and receive payments.
This way the merchants will be able to “sell more, sell directly, and sell more efficiently”, as stated in the brand’s Crunchbase website.
The way it works is that the client first scan their inventory and then create a catalog online. Once the catalog is ready it will be made available on WhatsApp within direct reach of potential customers.
Over 38% of daily orders are said to be placed by repeat customers.
The app also supports a hybrid model in which customers can not only place orders and pay online but they can also walk into the physical store and then pay online.
DotPe also offers functionalities that enable customers to earn loyalty points and rewards such as discounts to enhance customer engagement.
Advantages Of Using DotPe
Both PayU and Info Edge Ventures have lauded the product experience offered by DotPe along with its innovations and best in class pro-consumer practices all within one year of launch.
DotPe has thereby attracted even marquee brands in a short span of time.
With Google’s support local traders will also gain search engine visibility making it discoverable to a larger customer base and business avenues.
Both enterprise and SMB clients benefit from a full stack solution which bolsters a merchant’s online presence, enabling them to conduct e-commerce activities such as ordering, online payments and delivery.
Google has shown appreciation for the start-up which has contributed significantly to the transition of offline stores to online using innovative digital tools.
PayU India has also expressed optimism for the company to acquire a flourishing local merchant base and its potential to expand rapidly in the O2O segment
Info Edge Ventures has observed rapid penetration by DotPe in the Indian local grocery ecosystem and a constantly growing number of merchants who have adopted digital services that DotPe offers.
44 Unicorn Startups In India Created 14 Lakh Jobs/Year; Rs 7.8 Lakh Crore Wealth Created!, learn more.
Comments are closed, but trackbacks and pingbacks are open.