Dot raises $23.4 million in Series B funding round

Gurugram: Offline to online commerce and payments platform Dot has scooped up Rs 170.5 crore or $23.4 million in its Series B round led by the global payment gateway giant PayU.

The Gurugram-based startup has approved the allotment of 10 equity shares and 7,123 Series B preference shares at an issue price of Rs 2,38,976 per share to raise Rs 170.5 crore, regulatory filings show.

PayU Fintech Investments has invested Rs 72.55 crore in the fresh round followed by InfoEdge Ventures Fund with Rs 61.66 crore and Google International with Rs 36.25 crore.

Floated by PayU’s co-founder Shailaz Nag along with Gyanesh Sharma and Anurag Gupta, Dot provides digital transformation and commerce solutions to brick and mortar outlets. Nag left PayU in July 2019.

In September, Dot forayed into the e-commerce enablement space with a separate app called Digital Showroom (previously Digital Dukaan) to enable a digital storefront for small merchants. Recently, Digital Showroom had claimed that it registered 4.5 million merchants on its platform in four months.

In the e-commerce enablement space, Dot competes with the likes of Dukaan, Khatabook, OkCredit, and Bikayi.

The fresh investment in Dot has also reduced the controlling stakes of the founders. Nag now holds a 22.12% stake in the company, Sharma has a 10.06% and Gupta holds a 6.03% stake. During its Series A round, Nag’s stake was reduced to 30.8% from 56.1%.