Dodo Payments Raises $1.1 Million in Pre-Seed Funding to Simplify Global Payments

Dodo Payments, the first Merchant of Record (MoR) platform tailored for India and emerging markets, has successfully secured $1.1 million in a pre-seed funding round. The investment was led by Antler, 9Unicorns, and Venture Catalysts, with significant participation from esteemed angel investors including Nitin Gupta (Uni Cards and PayU), Maninder Gulati (former Oyo CSO/Lightspeed), Raymond Russell (former Chief of Staff at Boom Supersonic), Preethi Kasireddy (former Partner, a16z), and Nishant Verman (former Flipkart CorpDev head) etc.

Founded in 2023 by Rishabh Goel and Ayush Agarwal, Dodo Payments addresses the intricate challenges digital-first businesses face in processing international payments. Traditional payment gateways often present hurdles such as low success rates, limited payment methods, extensive documentation, and complex tax & regulatory requirements. Dodo Payments simplifies these complexities, enabling merchants to effortlessly accept payments from over 150 countries with success rates exceeding 90%.

The newly acquired funds are earmarked for several strategic initiatives, including enhancing the technological infrastructure by introducing modules for subscriptions, billing, fraud detection, and risk management. Additionally, Dodo Payments plans to establish local payment rails in over 30 countries, focusing on regions such as the European Union, United Kingdom, Southeast Asia, Middle East, Brazil, and Australia. Dodo Payments is also the only solution powering global marketplaces for non-US entities.

The company is PCI-DSS compliant and aims to achieve other global certifications including SOC 2, GDPR, and ISO standards to ensure robust security and compliance frameworks.

Rishabh Goel, Co-founder and CEO of Dodo Payments, remarked, "In today's rapidly evolving digital economy, businesses in emerging markets often face significant barriers when engaging in cross-border transactions.. At Dodo Payments, we are committed to dismantling these obstacles by providing a seamless and compliant payment infrastructure. This investment not only validates our mission but also equips us with the resources to enhance our platform's capabilities, ensuring that our merchants can thrive in the global marketplace."

Ayush Agarwal, Co-founder and CPTO, 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."

Nitin Sharma, Partner, Antler, commented, "Dodo Payments is addressing a critical gap in the international payment ecosystem. Their innovative approach not only streamlines transactions but also ensures compliance, making them a formidable player in the market. I am confident that with this infusion of capital, Dodo Payments will set new benchmarks in the industry, facilitating smoother and more secure payment processes for businesses worldwide."

In its initial phase, Dodo Payments has on boarded over 1,000 merchants across 30 countries and aims to expand this to more than 10,000 merchants globally by the end of the year. The platform supports over 25 local payment methods, including Apple Pay, Klarna, Affirm, Cash App, UPI, and all major card networks, and is available in 14 languages, covering 86% of the global population.