raised $600 million in two phases from a host of global and domestic investors, which valued the firm at $3.5 billion. Pine Labs’ valuation in its latest round could not be immediately determined.
ET had earlier reported on Thursday that the firm had
Wall Street hired bankers Goldman Sachs and Morgan Stanley to drive its US listing and was in talks with investors to raise $100 million. Sources said the firm is eyeing a valuation of $6 billion for itself. IPO. The Noida-based firm is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard, among others.
“Over the past 18 months we have expanded our prepaid issuance stack, online payments and Buy Now Pay Later (BNPL) offerings. We continue to make progress in larger Asian markets with our BNPL platform. [We’re] Very excited to have a large investor like Invesco join the journey,” B. Amrish RauPine Labs chief executive officer said in a statement.
Pine Labs primarily specializes in developing software and deployment solutions for Point of Sale (POS) devices for storefronts. It is diversifying its offerings on its newly developed software platform with enterprise solutions such as BNPL integration, invoice management, payment gateway and prepaid card issuance. According to company estimates shared with ET in July, the startup posted a net revenue of Rs 800 crore in FY21, the third most valuable fintech firm in India after Paytm and PhonePe.
digital payment India continues to see steady growth, which has been hit by the COVID-19 pandemic. Consumer-focused fintech startups such as Paytm and MobiKwik have also filed their draft prospectuses to go public on domestic exchanges later this year.
Amid regulatory hurdles in investing in China, both global and domestic risk-averse investors have flocked to the sector in India. Late last month, Prosus acquired digital payments processor BillDesk in an all-cash deal for $4.7 billion.