Gurugram-based commerce platform DotPe has announced that it has raised $58 million in its series B funding.

The round was led by Singapore State's investment firm Temasek and also saw participation from existing investors PayU, the payments and fintech business of Prosus and InfoEdge Ventures. Mitsubishi and Naya Capital have joined as new investors.

"We look forward to empowering more Indian businesses with the benefits of digitisation and co-creating a brighter future for the country's merchant community," said Vijay Agicha, Global Head of Strategy and Growth at PayU.

The firm was founded in 2019 by Shailaz Nag, Gyanesh Sharma and Anurag Gupta, to supplement the growing QR-based payment tech market. The platform, which "plans to foray into financial services", currently serves over 7.5 million brands across the country.

Shailaz Nag, Co-Founder and CEO, DotPe said, "As we keep democratising opportunities for business growth with our omnichannel solutions and making technology more affordable and accessible, we also plan to foray into financial services and further empower merchants with business loans & credit lines to turbocharge their growth". 

This is the second time DotPe has able to find funding this year, in a market where many VC firms are pulling their money due to the scare of depression. In March, DotPe secured $27.5 million (around Rs 200 crore) in Series A funding as Google joined PayU and Info Edge Ventures as investors.

The company said that on the enterprise side, it has integration with over 10,000 restaurants and food courts, including leading global and domestic food and beverage brands.