IPO-bound Pine Labs raises another $100 million

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IPO-bound Pine Labs raises another $100 million
Pine Labs
  • Payment solutions provider Pine Labs’ latest round was led by Invesco through its Invesco Developing Markets Fund.
  • The company was valued at $3 billion in June 2021, however it has not released the current valuation.
  • The company is planning to get listed in the US market by next year and could be valued at $6 billion.
Payment solutions provider Pine Labs, which is headed for an initial public offering (IPO) in the US by next year, has raised $100 million (₹734 crore).

The investment was carried out by US-based investment firm Invesco through its Invesco Developing Markets Fund. The latest funding comes only two months after Pine Labs raised a $600 million round co-led by Fidelity Management & Research Co and BlackRock Inc.

The company was valued at $3 billion in that round. The company has not disclosed its current valuation post the latest round of funding.

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Pine Labs, founded in 1998 by Lokvir Kapoor, is a merchants payment solution that enables businesses to accept online and offline digital retail transactions.

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.

The latest funding comes at a time when Pine Labs’ Singapore-based holding entity has converted itself into a public company and renamed as Pine Labs Limited. It has also reportedly appointed Morgan Stanley and Goldman Sachs as advisors for the said IPO.

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As per media reports, the fintech platform could be valued at round $6 billion after the public issue.

“Over the last 18 months we have scaled our Prepaid Issuing stack, Online Payments, and also the Buy Now Pay Later (BNPL) offering. We continue to make progress in the larger Asian markets with our BNPL platform. Very excited to have a marquee investor like Invesco join us in the journey,” B Amrish Rau, chief executive of Pine Labs, said.

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