- Pine Labs has raised an additional $50 million at a $5 billion valuation.
- London-based private equity firm Vitruvian Partners participated in the latest round.
- Pine Labs is a merchant payment solution that enables businesses to accept online and offline digital retail transactions.
Digital payments and financial services provider Pine Labs has raised an additional $50 million at a reported valuation of $5 billion. London-based private equity firm Vitruvian Partners, a backer of companies like Byju’s, participated in the latest round.
According to regulatory documents filed in Singapore, Pine Labs’ latest funding round reportedly includes a $15 million employee stock repurchase (ESOP). The development was first reported by The Economic Times.
Business Insider has contacted Pine Labs for confirmation of the news report.
The development comes just a month after the fintech startup raised $150 million from Alpha Wave Global at the same $5 billion valuation. The financing included a secondary component of the stock sale, which provided liquidation opportunities for the company’s existing shareholders.
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 150,000 merchants and 3.5 lakh Points of Sale (PoS) terminals in 3,700 cities in India and Malaysia.
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. The company is currently managed by Amrish Rau.
PineLabs has raised over $1 billion to date, according to business intelligence platform Crunchbase. His investors include State Bank of India, Kotak Mahindra Bank, IIFL Asset Management, Invesco, Unacademy’s Gaurav Munjal, Swiggy’s Sriharsha Majety and Dream11’s Harsh Jain.
The company plans to go public soon and filed for a confidential 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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