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Pine Labs gets USD 600 million in funding, eyes IPO in 18 months

Pine Labs gets USD 600 million in funding, eyes IPO in 18 months
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Pine Labs gets USD 600 million in funding, eyes IPO in 18 months

Leading merchant commerce platform Pine Labs has raised $600 million (Rs4459 crore) as it eyes a public listing by end of 2022. The financing round saw the participation of a clutch of new investors including 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).

“Pine Labs continues to be well-financed and has been EBITDA-profitable for several years,” said a statement. The company is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard amongst other leading global investors.

Launched in 1998 by Lokvir Kapoor, Pine Labs Pine Labs provides a range of financial services, enablingsbusinesses to accept online and offline digital retail transactions. It has a presence in India, South East Asia, and the Middle East.

According to a previous press note shared by the company, it powers over 140,000 merchants, 3.5 lakh points of sale (PoS) terminals across 3,700 cities and towns in India and Malaysia.

“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 per cent over the last year,” said B Amrish Rau, CEO, Pine Labs. “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.”

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Shailendra Singh, MD, Sequoia Capital, said Pine Labs had 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 annualised PayLater transactions,” he said.

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