An Indian startup, a merchant commerce platform Pine Labs has raised USD 285 million in the latest series of fundraising, as announced on May 17, 2021, thus increasing the value of the company from USD 2 billion as of December 2020 to USD 3 billion as of today.
Many investors like Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures, and Ward Ferry Management financed the new funding round while existing investors Temasek, Lone Pine Capital, and Sunley House Capital also participated in it.
The company said that this round was oversubscribed and besides the primary proceeds, the company was able to secure funds for its founder, early shareholders, and employees.
The startup aims to use the funds for expansion by scaling itself in the online space and even to continue to help its offline merchants with the credit and commerce needs.
About Pine Labs
Founded in 1998 by Rahul Garg and Tarun Upaday, and Amrish Rau as CEO, and Lokvir Kapoor as Executive Chairman, Pine Lab offers a merchant platform that includes technology and financial solutions for merchants. These solutions aim at helping the merchants in increasing their revenue and decreasing their cost, complexity, and risk.
The cloud-based platform of the company powers 350000+ POS terminals across 3700 cities and towns in India and Malaysia. The Pine Labs solution is used by 100000 merchants across sectors like electronics, food, beverage, fashion, airlines with 15 major banks, 7 financial institutions, and 100+ brands already a part of it.
The company has recently launched its BNPL service in Malaysia and has big plans to integrate Pay Later (their market-leading product) installment solution to new markets in Southeast Asia. The company even announced its acquisition of Southeast Asia’s fastest fast-growing fintech platform for consumers, Fave in April 2021.
What does the CEO say?
“We’re thrilled to welcome marquee investors like Marshall Wace, Baron Capital Group, Ward Ferry Management, Duro Capital, and Moore Strategic Ventures to the already pristine cap table of Pine Labs. This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners”
What does the investor say?
We are very excited to be a part of the technological transformation that Pine Labs is driving on the ground in payments and the multiple interlinkages and efficiencies it is able to create by providing faster, cost-effective consumer access to a broader range of financial products such as BNPL (Buy Now Pay Later), where it is driving a pioneering effort on behalf of the financial system. We are also excited about an Indian business being able to drive regional and potentially global adoption of its Intellectual Property and this represents significant optionality for the future,” said Amit Rajpal, CEO and Portfolio Manager of Marshall Wace Asia.
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