Indian Fintech company Pine Labs raised USD 150 million from Alpha Waves Global on February 19, 2022. The company raised USD 870 million in the last seven months. The fund comes from a blend of primary and secondary funding from Alpha Wave Global. It received USD 75 million from Alpha Wave Global in the primary round. The secondary round involves financing of USD 50 million to USD 75 million via buying of shares from existing stakeholders.
Pine Labs is backed by Sequoia Capital, Temasek Holdings, PayPal, Mastercard and other global investors.
The Purpose of Funding-
Pine Labs is eyeing Initial Public Offering (IPO) this year or early next year. It also seeks to expand in the domestic market and Southeast Asian geographies. They are to diversify its Buy Now Pay Later business in the said nations. The company may enter Middle Eastern countries this year.
The funds will be used in scaling Plural. Plural is the company’s recent offering of an online payment solution.
What the founder has to say-
Pine Labs CEO Amrish Rau took to Twitter to announce the news.
“Alpha Wave Venture has invested $150 million in Pine Labs. We are happy to bring a marquee investor on board. Our omni-channel strategy is showing strong revenue growth. We are also seeing strong growth in international markets,” said Pine Labs CEO Amrish Rau.”
Pine Labs Acquisitions-
In 2021, the company acquired a Singapore-based loyalty payment startup- Fave. With this bid, it seeks to enter the customer payment space.
In 2019, they acquired QwikCliver with funding from Actis Advisors.
The company is in negotiations with Bangalore-based API infrastructure company Setu. Meanwhile, the announcement of Mumbai-based Qfix Infocomm by Pine Labs has already made rounds. With this acquisition, they want to strengthen their online payments. Additionally, they will include billing, invoicing and workflows to merchants.
About Pine-Labs
Pine Labs is a merchant platform to accept multiple modes of payments, get customer insights and grow their business. It offers technology, software and AI solutions to its users. These offerings help them increase their revenue, cost-reduction, and risk management.
Founded in 1998 by Rajiv Garg, Lokhvir Kapoor and Tarun Upadhyay, the firms’ core activity was smart-card payment and loyalty solutions for retail petroleum industries.
Around 2010 it entered the merchant-payment space. In addition, the firm connected banks and financial institutions to merchants.
They first went global in 2017 in a Malaysian market. It entered the market in partnership with CIMB bank.
From electronics to fashion and pharmacy to airlines, over 550 million digital transactions occur every year via the company.
The company has operations in 3700 cities, 15 major banks, seven financial institutions and over 100 brands that are a part of Pine Labs.
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