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March 29, 2022

Digital payments firm PineLabs secures additional $50m funding

Indian payments solution provider Pine Labs has received a further infusion of $50m prior to its planned IPO in the US.

The funding, which saw the participation of private equity firm Vitruvian Partners, valued Pine Labs at $5bn.

According to The Economic Times, the fundraising includes a $15m employee stock ownership programme (ESOP) buyback.

Last month, the firm raised $150m in a combination of primary and secondary funding from Alpha Wave Global. It also involved a secondary share sale component.

In January 2022, Pine Labs received $20m funding from the State Bank of India (SBI).

The same month, the payments firm filed for a confidential initial public offering (IPO) in New York. It aims to raise up to $500m through the IPO, Bloomberg reported.

“They (Pine Labs) are now aiming at a public offering in the second half of 2022,” a person familiar with the matter was quoted as saying by The Economic Times.

The digital payments firm has raised over a $1bn so far, as per Crunchbase, with Kotak Mahindra Bank, IIFL Asset Management, Invesco, among its backers. 

Pine Labs, established in 1998, allows businesses to accept online and offline digital retail transactions. Among its users are Starbucks, Apple and McDonald’s.

The firm offers financing and last-mile retail transaction technology. More than 1,50,000 merchants in 3700 cities and towns across India and Malaysia use its services.

Last year, the firm introduced its Buy Now Pay Later (BNPL) offering in Malaysia.

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