Funding

Dodo Payments Raises $1.1 Million to Expand Global Payment Infrastructure

Image presenting Ayush Agarwal and Rishabh goel from dodo payments
By
ES
2 min read

Bengaluru-based fintech startup Dodo Payments has successfully raised $1.1 million in a pre-seed funding round. The investment was co-led by Antler, 9Unicorns, and Venture Catalysts, with participation from notable angel investors. The funding will support the company’s expansion and technological advancements in cross-border payments.

Key Details

  • Funding Amount: $1.1 million in pre-seed round.
  • Lead Investors: Antler, 9Unicorns, and Venture Catalysts.
  • Angel Investors: Nitin Gupta (Uni Cards, PayU), Maninder Gulati (former Oyo CSO/Lightspeed), Raymond Russell (former Chief of Staff at Boom Supersonic), Preethi Kasireddy (former a16z Partner), and Nishant Verman (former Flipkart CorpDev head).
  • Use of Funds: Enhance technology by introducing modules for subscriptions, billing, fraud detection, and risk management. Establish local payment rails in over 30 countries, focusing on the EU, UK, Southeast Asia, Middle East, Brazil, and Australia.
  • Current Operations: Processes transactions across 150+ countries with success rates exceeding 90%.
  • Merchant Base: Over 1,000 merchants across 30 countries, with plans to scale to 10,000+ by year-end.
  • Supported Payment Methods: Over 25 local payment options, including Apple Pay, Klarna, Affirm, Cash App, UPI, and major card networks. Platform available in 14 languages.

Founders' Background

Dodo Payments was founded in 2023 by Rishabh Goel and Ayush Agarwal. Rishabh Goel serves as the Co-founder and CEO, leveraging his experience from fintech startups like Wise and Prodigy Finance. Ayush Agarwal, Co-founder and Chief Product and Technology Officer, previously founded Tournafest, a platform for gamers. Their expertise has been crucial in addressing challenges in international payments for digital businesses.

Funding Details

The $1.1 million pre-seed funding round was co-led by Antler, 9Unicorns, and Venture Catalysts, along with support from prominent angel investors. The capital will be used to enhance Dodo Payments' technology infrastructure, introduce advanced payment modules, and expand its global reach by establishing local payment networks in more than 30 countries.