Pine Labs' valuation crosses $2 billion as it raises fresh funds from Lone Pine Capital

• Indian fintech startup Pine Labs has raised an undisclosed amount of funding from Lone Pine Capital.
• Earlier in January 2020, the startup had achieved unicorn status after an investment from MasterCard.
• Pine Labs claims to process payments worth $30 billion per year and serves 150,000 merchants.

Indian fintech startup Pine Labs has raised an undisclosed amount of funding from Lone Pine Capital. With this, the startup's valuation now jumps to over $2 billion.

Earlier in January 2020, the startup had achieved unicorn status after an investment from MasterCard – making it the first startup this year to join the $1 billion valuation club.

The startup also counts PayPal Ventures, Temasek, Actis Capital, Altimeter Capital, Sofina, and Sequoia Capital as its investors.

“Small businesses and consumers are fast adapting to digital commerce and contactless checkout. We are also seeing tremendous uptake in Pay Later services and have now enabled nearly 150,000 outlets for this. It’s time to invest heavily in offline and online commerce across India and SEA," said B. Amrish Rau, CEO, Pine Labs.

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 now plans to expand its presence across Asian markets.

The merchant commerce platform Pine Labs was founded in 1998. Over time, the company rode the technology wave and offered point-of-sale machines and solutions to merchants.


SEE ALSO:
$4
The founder of SUGAR cosmetics explains how the startup clocked a 60% growth in sales during the pandemic>$4