Noida-based startup, Pine Labs seals latest fundraise at $600 million, valuation to $3 billion

Digital payments providing platform Pine Labs has raised $315 million in latest capital as a part of its open-ended fundraising and secured $600 million, the company verified on Tuesday. With this venture, the valuation of the firm stands at $3 billion.

The new investors’ funds are managed by BlackRock, Fidelity Management & Research Company, Ishana, Tree Line, a fund recommended by Neuberger Berman Investment Advisers LLC. IIFL AMC, through its ‘Late-Stage Tech Fund’ and Kotak, is also engaging in this investment round, subject to consent from the Securities and Exchange Board of India (SEBI). The business is upheld by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard, amongst other global investors.

A month after the venture, the startup declared that it had raised $285 million in primary and secondary investment sales from public market investors, including Moore Strategic Ventures, Duro Capital, Marshall Wace, Baron Capital Group and Ward Ferry Management. The organisation is looking to list in the US markets in the next 18 months with this fundraiser.

Company’s Profile

Pine Labs, one of Asia’s leading merchant commerce platforms, was founded by Rajul Garg and Tarun Upaday in 1998. It provides a merchant program that includes technological and monetary solutions for its users. These solutions are intended to help users in growing their revenue and reducing charge, complexity, and risk.

The firm connects financial institutions and customer brands to allow merchants to deliver value to their retail customers. It

acts in offline and online last-mile retail activities, provides customer insights for sales, and offers financial solutions.

Over 1,00,000 dealers across sectors – electronics, food and beverage, fashion, airlines, and more, use Pine Labs’ solutions, 15 influential banks, 7 economic institutions, and 100+ brands are members of Pine Labs’ platform.

What the CEO has to say

“Previous year, with its offline-to-online strategy in India and the direct-to-consumer action in Southeast Asia, the startup has made notable growth. Our full-stack access to transactions and merchant commerce has allowed us to grow in-month merchant partnerships by 100%. We are thrilled to draw on board a set of fresh investors in this series and acknowledge the confidence they have put in the Pine Labs model,” says B. Amrish Rau, CEO, Pine Labs.

What the Investors has to say

Shailendra Singh, supervising director, Sequoia Capital, said Pine Labs has swiftly transformed from a single product startup to providing retail acceptance of payments to a more all-inclusive payments platform. The firm now serves hundreds of thousands of users across payments approval on cards and combined interface, processing tens of billions of payments. The firm also has the market-leading PayLater offering with about $3 billion in yearly PayLater transactions.

Singh said, through its acquisitions of QwikCilver and Fave, Pine Labs now has the market-leading pre-paid program in this region and the premium consumer loyalty product in this industry.

He added, “With capacity across multiple categories, the company is very well placed to help drive enormous value to its merchant partners in India and over other SEA markets”.

For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.

We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know

-if there are any discrepancies in any of our published stories,

-how we can improve,

-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!

Next Article