Venture Catalysts, India’s leading early-stage investment firm, has recently participated in a $1.1 million pre-seed funding round for Dodo Payments, the world’s first Merchant-of-Record platform tailored for India and emerging markets. The round was co-led by Antler and 9Unicorns, with additional support from notable angel investors including Nitin Gupta (Uni Cards, PayU), Maninder Gulati (former Oyo CSO/Lightspeed), Nishant Verman (former Flipkart CorpDev head), Raymond Russell (former Chief of Staff at Boom Supersonic), and Preethi Kasireddy (former Partner at a16z), among others.
Revolutionizing Cross-Border Transactions for Digital-First Businesses
Founded in 2023 by Rishabh Goel and Ayush Agarwal, Dodo Payments is on a mission to simplify international payments for businesses in India and other developing economies. The platform tackles major challenges in cross-border transactions, such as:
- Low success rates in international payments
- Limited access to alternative payment methods
- Complex documentation and regulatory hurdles
- Poor vernacular support, which hinders merchant adoption
Dodo Payments enables businesses to accept payments from over 150 countries, boasting an impressive 90%+ success rate—a game-changer for emerging market businesses looking to scale globally.
Investor Confidence in Dodo Payments’ Vision
Speaking on the investment, Dr. Apoorva Ranjan Sharma, Co-founder and President of Venture Catalysts, stated:
“At Venture Catalysts, we seek out businesses with the potential to revolutionize industries. Dodo Payments is solving a crucial gap in cross-border transactions with an innovative, AI-driven approach. We believe their Merchant-of-Record model will redefine how businesses in emerging markets engage in global commerce, and we are excited to support their journey.”
Strategic Utilization of Funds
The newly raised capital will be used to:
- Expand local processing in 30+ new markets
- Enhance compliance and security measures
- Support 100+ currencies and 300+ local payment methods worldwide
Dodo Payments has already onboarded 1,000+ merchants from 30+ countries and aims to scale up to 10,000 merchants by the end of 2025.
AI-Powered Innovation in Cross-Border Payments
Dodo Payments is leveraging AI and machine learning for:
- Fraud detection and prevention
- Chargeback resolution
- Dynamic merchant underwriting
Currently, the platform supports 25+ local payment methods, including Apple Pay, Klarna, Affirm, CashApp, UPI, and all major card networks. Notably, Dodo Payments is the first Merchant of Record to offer UPI to global merchants, unlocking seamless payments for international businesses.
Founders’ Vision: A Frictionless Future for Digital Payments
Rishabh Goel, Co-founder & CEO, Dodo Payments, shared: “We are immensely grateful to all our investors for the trust they have placed in us. With the backing and expertise of investors like Venture Catalysts, we are well-positioned to accelerate our mission of powering seamless global transactions for digital businesses of all sizes. This investment will enable us to expand our reach and continue innovating in the cross-border payment space, thereby helping businesses from emerging markets to compete on a global scale.”
Ayush Agarwal, Co-founder & CPTO, Dodo Payments, added: “The complexities of international payments are constantly evolving. With this funding, we are poised to advance our platform’s architecture, incorporating modules that address the nuanced challenges of cross-border transactions. Our focus remains on delivering a secure, efficient, and user-friendly experience for our merchants, empowering them to expand their reach without the typical constraints associated with global payments.”
“We are grateful to our investors for their belief in our vision. With this funding, we are positioned to scale rapidly and continue simplifying global payments for businesses of all sizes in emerging markets.”
A Game-Changer for Emerging Market Commerce
Investors are confident in Dodo Payments’ potential to reshape fintech infrastructure. Rajesh Mane, Partner at 100Unicorns, highlighted: “At 100Unicorns, we recognize Dodo Payments’ unique positioning as the first Merchant of Record platform bridging emerging markets with global commerce. Their AI-driven approach to solving cross-border payment complexities, from dynamic currency conversion to regulatory navigation, perfectly complements our vision of backing category-defining fintech infrastructure. We are particularly impressed by their superb transaction success rate and rapid merchant adoption, which shows a strong product-market fit in underserved regions.”
As cross-border digital transactions continue to rise, Dodo Payments is poised to become a key player in the global fintech space. Backed by Venture Catalysts and other strategic investors, the company is set to transform international payments for businesses across India and beyond, making global commerce more accessible, efficient, and secure.
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