Pine Labs reportedly joins the long list of Indian tech startups heading for an IPO
Pine Labsis reportedly headed for a public listing in the US.
- In December 2020, the startup had raised an undisclosed amount of funding from Lone Pine Capital, which valued the company at over $2 billion.
- Pine Labs claims to process
paymentsworth $30 billion per year and serves 150,000 merchants.
AdvertisementIndian fintech startup Pine Labs is, reportedly, heading for an initial public offering (IPO) in the US, by 2022. According to a TOI report, the startup had already ‘sounded out banks like JP Morgan, Citi and Morgan Stanley’ for its IPO plans.
The report said that the company is aiming for a valuation of $5 billion. In December 2020, the startup had raised an undisclosed amount of funding from Lone Pine Capital, which valued the company at over $2 billion. The startup also counts PayPal Ventures, Temasek, Actis Capital, Altimeter Capital, Sofina, and Sequoia Capital as its investors.
With its presence across India, Southeast Asia, and the Middle East, Pine Labs claims to process payments worth $30 billion per year and serves 150,000 merchants across its 450,000 network points in 3,700 cities. The startup also counts Reliance Retail, Air Asia, Future Retail, Jubilant Foodworks etc., as its customers.
The company also plans to expand its presence across Asian markets.
Pine Labs joins the long list of startups that are reportedly heading for the public markets soon. Startups like Zomato, Delhivery, Nykaa are preparing for a stock market debut while the likes of ReNew Power and reportedly, Grofers are headed for a listing in the US through a special purpose acquisition company (SPAC).
Many others like BYJU’S, OYO, Ola, Pepperfry haven’t yet set a timeline, but are getting ready for a big, fat IPO.
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