- PineLabs announced an investment in Mosambee on Wednesday.
- This investment will now value Mosambee at over $100 million.
- Mosambee has a base of 1 million SME traders and various government agencies.
IPO-tied fintech startup PineLabs on Wednesday announced an investment in Mosambee — a provider of end-to-end payment solutions in India — in exchange for a majority stake.
This investment will now value Mosambee at over $100 million, PineLabs has announced. Mosambee’s leadership team will continue to operate independently, serving the needs of its clients across multiple industries.
Founded in 2008 by Alok Arora, Bhushan Thaker and Sameer Chugh, Mosambee is a payment solutions company serving both online and offline merchants in India and six other countries.
The company claims to have a base of 1 million small and medium-sized enterprises (SMEs) merchants and various government agencies using Mosambee’s solutions to digitize their cash receipts. “By leveraging the far-reaching reach of Pine Labs and its portfolio companies, we aim to continue to provide our customers with strong profitability and breakthrough solutions,” said Chugh, co-founder of Mosambee.
Mosambee previously raised over $2.5 million, according to business intelligence platform Crunchbase. It is backed by venture capital from Small Industries Development Bank of India (SIDBI) and Rajasthan Venture Capital Fund. Earlier this year, Mosambee announced the acquisition of Cashless Technologies, which operates Benow, a “buy now, pay later” startup.
“Since its inception, Mosambee has made tremendous strides in enhancing the merchant experience through cutting-edge fintech solutions. They were a perfect fit for us based on our shared goal of making innovative fintech products accessible to all and driving the digital payments revolution in India,” said PineLabs Chief Executive Officer (CEO) Amrish Rau in a statement.
Founded in 1998 by Lokvir Kapoor, Pine Labs is a merchant payment solutions provider that enables businesses to accept online and offline digital retail transactions. The company serves over 250,000 merchants at over 675,000 trade network touchpoints in India and Southeast Asia.
Pine Labs serves well-known large, medium and small retailers across Asia and the Middle East including Apple, Starbucks Corp, McDonald’s Corp and more. It plans to go public soon and filed for an initial public offering (IPO) in the United States in January this year. The company is reportedly planning to raise half a billion dollars in the public market at a valuation of $6 billion to $7 billion.
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