Pine Labs raises another $50 million ahead of its IPO
- Pine Labs has raised another $50 million funding at a valuation of $5 billion.
- London-based private equity company Vitruvian Partners participated in the latest round.
- Pine Labs is a merchants payment solution that enables businesses to accept online and offline digital retail transactions.
AdvertisementDigital payments and financial service provider Pine Labs has raised another $50 million funding, at a reported valuation of $5 billion. London-based private equity company Vitruvian Partners, a backer of companies like Byju’s, has participated in the latest round.
According to the regulatory documents filed in Singapore, Pine Labs’ latest funding round reportedly includes a $15 million employee stock ownership programme (ESOP) buyback. The development was first reported by The Economic Times.
Business Insider has reached out to Pine Labs for a confirmation of the news report.
The development comes only a month after the fintech startup raised $150 million from Alpha Wave Global, at the same $5 billion valuation. The funding included a secondary share sale component, giving liquidation opportunities to the existing shareholders of the company.
Founded in 1998 by Lokvir Kapoor, Pine Labs is a merchant payment solutions firm that enables businesses to accept online and offline digital retail transactions. The company powers over 150,000 merchants, 3.5 lakh points of sales (PoS) terminals across 3,700 cities in India and Malaysia.
Pine Labs serves prominent large, mid-sized and small merchants across Asia and the Middle East, including Apple, Starbucks Corp, McDonald's Corp and more. The company is currently headed by Amrish Rau.
According to business intelligence platform Crunchbase,
The company is planning on hitting the public market soon, and filed for a confidential initial public offering (IPO) in the US in January this year. The company is reportedly planning to raise half a billion dollars from the public market, at a valuation of $6-7 billion.
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