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New Delhi, 25th February 2025: Venture Catalysts, India’s leading early-stage investment firm, recently participated in a $1.1 million pre-seed funding round for Dodo Payments, the first global Merchant-of-Record platform for India and emerging markets. The investment round, co-led by Antler and 9Unicorns, also saw participation from notable angel investors including Nitin Gupta (Uni Cards and PayU,) Maninder Gulati (former Oyo CSO/Lightspeed), Nishant Verman (former Flipkart CorpDev head), Raymond Russell (former Chief of Staff at Boom Supersonic), Preethi Kasireddy (former Partner, a16z) and others.
Founded in 2023 by Rishabh Goel and Ayush Agarwal, Dodo Payments is revolutionizing cross-border transactions for digital-first businesses. The platform addresses critical challenges in international payments, such as low success rates, lack of access to alternate payment methods, complex documentation processes, and poor vernacular support. As the first Merchant-of-Record platform for India and emerging markets, Dodo Payments enables businesses to accept payments from over 150 countries with success rates of over 90%.
Expressing enthusiasm about the investment, Dr. Apoorva Ranjan Sharma, Co-founder and President of Venture Catalysts, said, “At Venture Catalysts, we are committed to identifying and supporting innovative businesses that have the potential to transform industries. Our investment in Dodo Payments is closely aligned with this vision : the company’s groundbreaking approach to cross-border payments. Their solution not only addresses a critical need in the market, but also has the potential to significantly impact how businesses in emerging markets engage in global commerce. We are excited to be part of their journey and look forward to supporting their growth and expansion.”
The funding will be strategically utilized for product development, expanding local processing in 30+ new markets, and enhancing compliance and security measures. Dodo Payments plans to support 100+ currencies and 300+ local payment methods across key global markets in the coming year. The company has already made significant strides, working with 1000+ merchants from more than 30 countries, and aims to onboard over 10,000 merchants globally by the end of 2025.
Dodo Payments stands out in the fintech landscape with its innovative use of AI and machine learning for fraud detection, chargeback resolution, and merchant underwriting. The platform currently supports 25+ local payment methods, including Apple Pay, Klarna, Affirm, CashApp, UPI and all major card networks.
Rishabh Goel, Co-founder and CEO of Dodo Payments, commented on the significance of the funding, saying, “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 and CPTO of 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.”
Rajesh Mane, Partner, 100unicorns commented, “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 the world’s first Merchant of Record platform to offer UPI to global merchants, Dodo Payments is set to play a pivotal role in facilitating international transactions for businesses from emerging markets. The company’s long-term vision is to power frictionless global transactions for digital businesses of all sizes, capitalizing on the increasing trend of cross-border transactions driven by AI-first startups.
As Dodo Payments continues to grow and expand its offerings, it is poised to become a key player in reshaping the landscape of international digital payments, particularly for businesses in emerging markets. Venture Catalysts’ investment in Dodo Payments is an extension of its continued support to transformative ventures across all sectors. The firm remains committed to fostering innovation and supporting high-potential startups in global markets.
