Dot, which helps brick and mortar outlets to launch online service, has received a seed investment from PayU, Fosun RZ Capital and Info Edge Ventures.
Several unnamed angel investors also contributed to the round. The amount of capital raised in the investment was not disclosed.
The India-based FinTech offers various digital transformation and commerce solutions which helps physical stores build an online presence. Businesses in India to implement customer engagement offerings backed with new technology.
Dot founder Shailaz Nag said, “There is a huge potential in the offline-to-online commerce and fintech sector, offering immense opportunities for the right product. India has the second largest number of internet users in the world and a rapidly increasing smartphone user base.
“This, coupled with the recent digitisation push both from the government and the private sector is generating tremendous demand for digital transformation solutions by brick and mortar stores. I personally see a significant potential in this space, which has led to the conception of Dot.”
PayU is a global payments technology platform which provides a selection of offerings including secure transactions, hyper-local connection and local currency processing.
This is the second investment PayU has made this year, having recently purchased a controlling stake in PaySense for $185m.
Anirban Mukherjee, CEO, PayU India, said, “Dot is a great fit to PayU’s larger vision of developing a fintech ecosystem in India and its aim to deliver a complete value proposition to our growing customers. We are creating alliances through investments in companies whose vision is aligned to ours. With this investment in Dot, we aim to play a pivotal role in helping offline merchants with their digitization journey.”
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