Pine Labs announces a total round size of USD 600M
By MYBRANDBOOK
Pine Labs, one of Asia’s leading merchant commerce platforms, today announced an investment round with the entry of new investors Fidelity Management & Research Company, funds managed by BlackRock, Ishana, Tree Line, a fund advised by Neuberger Berman Investment Advisers LLC. IIFL AMC via its ‘Late-Stage Tech Fund’ and Kotak are also participating in this investment round, which is subject to approval from the Securities and Exchange Board of India (SEBI), bringing the total round size to over USD 600 million.
Pine Labs continues to be well-financed and has been EBITDA profitable for several years. The company is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard amongst other leading global investors.
“Over the last year, Pine Labs has made significant progress in its Offline to Online strategy in India and the direct-to-consumer play in Southeast Asia. Our full-stack approach to payments and merchant commerce has allowed us to grow in-month merchant partnerships by nearly 100% over the last year. We are excited to bring on board a marquee set of new investors in this round and appreciate the confidence they have placed on the Pine Labs business model and our growth momentum,” said B. Amrish Rau, CEO, Pine Labs.
“Pine Labs has rapidly transformed from a single product company allowing retail acceptance of payments to a broader payments platform. The company now serves hundreds of thousands of merchants across payments acceptance on cards and UPI processing tens of billions of payment volume; the company also has the market leading PayLater offering with ~$3B in annualized PayLater transactions. Through its acquisitions of QwikCilver and Fave, Pine Labs now has the market leading pre-paid platform in this region as well as the top consumer loyalty product in this market. With leadership across multiple categories, the company is very well positioned to help drive immense value to its merchant partners in India and across other SEA markets,” said Shailendra Singh, MD, Sequoia Capital.
Pine Labs offers a range of customized offerings for in-store and doorstep Payments, Pay Later at the point of sale, Prepaid Issuance and Online Payments to large, mid-market and small retailers. The company has also beefed-up investment on the consumer side of the business with the acquisition of Fave in April 2021. Over 6 million consumers across over 40,000 merchant establishments now have access to the Fave app.
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
ATRIE TECHNOLOGY PVT. LTD.
TATA CONSULTANCY SERVICES
RELIANCE JIO INFOCOMM LTD.
HP INDIA SALES PVT. LTD.
Technology Icons Of India 2023: Rajendra Singh Pawar
Rajendra Singh Pawar is an entrepreneur and businessperson who founded...
Technology Icons Of India 2023: Josh Foulger
Josh is the Country Head of India and MD of Bharat FIH Ltd (A Foxconn ...
Technology Icons Of India 2023: Anant Maheshwari
As President of Microsoft India, he is responsible for Microsoft’s o...
NPCI leading India towards Digital payments
The National Payments Corporation of India (NPCI) is an initiative tak...
DRDO is India's largest and most diverse research organisation
DRDO is the R&D wing of Ministry of Defence, Govt of India, with a vis...
Leading company into fertilizers in the country
NFL is a dynamic organization committed to serve the farming community...
WPG C&C COMPUTERS & PERIPHERALS PVT. LTD.
WPG C&C Computers & Peripherals (India) was incorporated in 2008 and ...
IRIS GLOBAL SERVICES PVT. LTD.
Iris Global services is one of the leading distribution houses that d...
EXCLUSIVE NETWORKS SALES INDIA PVT. LTD.
Exclusive Networks is a globally trusted cybersecurity specialist hel...