PC: TapstartX
Start up Dodo Payments has raised $1.1 million in seed funding, with the aim of providing global merchant of record services for India and emerging markets. Antler and 9Unicorns also co led this round with Venture Catalysts and an elite group of angel investors which included veteran industry stalwarts from PayU, Oyo, Flipkart and more.
Dodo Payments was founded in 2023 by Rishabh Goel and Ayush Agarwal with an ambition to solve major hurdles facing businesses with their international payments. This platform happens to be able to facilitate smooth and hassle free payment process for over 150 countries, boasting a great success rate of above 90 percent transaction approvals. This is even more important in a market where businesses have relatively low success rates and a limited ability to accept their customers’ payment methods as well as through complex documentation processes.
Strategic Goals and Product Development
It is planning to use the freshly added funds mainly to develop its product and to expand the reach of local processing in over 30 new markets. Secondly, Dodo Payments also wants to strengthen compliance and security measures providing its services according to the ever changing requirements in global commerce.
The co-founders stated that international payments always become more difficult. The funding they’ve received will let them push their platform’s architecture further towards solving the myriad of challenges surrounding cross border transactions. Still, it continues to focus on providing a secure, easy and user friendly experience for merchants to grow their reach without the usual cargo of global payments.
Industry Response
But investors were very confident with what Dodo is doing. Furthermore, co-founder and president of Venture Catalysts Apoorva Ranjan Sharma pointed out, the company’s solutions not just addresses a powerful market requirement however, additionally a substantial service to companies in emerging markets to exchange with the world at huge scales. In the same way, 9Unicorns partner Rajesh Mane praised Dodo Payments AI driven move towards removing the complexity from cross border payments, and the impressive transaction success rate as well as rapid merchant adoption it has achieved even in a relatively short time.
In summary, with the global e-commerce landscape expanding at a pace, the need for effective payment solutions is more pressing than ever. Dodo Payments is in an ideal place to take advantage of this trend, especially after raising funds just recently, and uses this new funding to improve the service and its reach in the market.
Aiming to reshape the cross border payment experience for businesses, Dodo Payments hopes to highly simplify the process in which businesses are able to operate on such a wide scale with the backing of experienced investors and a strong vision for growth. The funding round not only tests that it proves the investor’s confidence in the startup, but also reflects on how fintech solutions are an integral part of the process of international commerce.
