Pine Labs raises USD raises USD 150 mln, valuation zooms over USD 5 bln
PineLabs, the Noida-based fintech unicorn, on Friday said it has raised USD 150 million from Alpha Wave Global (formerly Falcon Edge), at a valuation of over $5 billion, Economic Times reported. This round of funding, a mix of primary and secondary capital, has come on account of the company building an omni-channel strategy, ET report said citing company CEO Amrish Rau.
As per the regulatory filings filed by the fintech firm in Singapore, it has already received first tranche of USD 75 million from Alpha Wave. The capital infusion also includes secondary funding in the range of $50 million to $75 million.
“We can confirm that 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,” ET quoted Rau as saying.
In January, Pine Labs raised $20 million from State Bank of India. Till date, it has raised over $1.4 billion. The compan, which plans to go public in the US soon, raised $100 million from US-based Invesco Developing Markets Fund in September.
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In April, Pine Labs had acquired Fave, which provides QR payments and loyalty cashback to restaurant and retailers in Southeast Asia, in a deal valued over USD 45 million (about Rs 339 crore).
Pine Labs predominantly specialises in developing software and deployment solutions for point of sale (PoS) devices for storefronts. The company is quite bullish on the lending side and has built a strong EMI portfolio, where it works with over 70 brands in India. It is also expanding its BNPL (buy now, pay later) business across India and Southeast Asia.
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