- Pine Labs, a merchant commerce platform, announced that is has completed a new round of financing by raising $285 million. Company was valued at $3 billion as per various reports.
- This round saw both primary funding and secondary funding transactions for founder, employees and early shareholders.
Pine Labs Pvt. Ltd.:
- Pine Labs Pvt. Ltd. is a payment platform that offers payment solutions including EMI, discounts, cash back programs, pay by points, loyalty, targeted promotions, and dynamic currency conversion.
- The company is headquartered in Noida, India and has 17 offices across 3 countries.
- The company’s cloud-based platform offers enterprise automation systems such as inventory management and customer relationship management as well.
- The company’s cloud-based platform powers over 330,000 point-of-sale terminals. Over 550 million digital transactions are processed over Pine Labs’ platforms every year, helping more than 100 million retail customers.
- This round involved public market cross-over investors including Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management. Existing investors Temasek, Lone Pine Capital and Sunley House Capital also participated in this significantly oversubscribed funding round.
- Pine Labs’ key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.
- CEO Amrish Rau, Pine Labs remarked that while Pine labs excels in enterprise merchant payments, it wants to scale in the online space as well and at the same time continue to power the credit and commerce needs of its offline merchant partners.
- Pine labs also said that it’s a well-financed company with a strong balance sheet and has been EBITDA profitable from several years now, justifying the secondary transactions.
- Last year, Pine Labs raised funding from US-based investment firm Lone Pine Capital in a round that took its valuation to more than $2 billion. Earlier company has acquired QwikCilver and Fave. Fave provides payments and loyalty cashbacks.
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