Pine Labs, a digital retail payments platform based in India, has raised $82m in a funding round led by emerging markets investor Actis.

The funding round was also joined by new investor US-based Altimeter Capital. According to media reports, the funding values the Sequoia Capital-backed payments firm at around $1bn.

The company plans to use the new capital to expand operations across the globe.

Pine Labs CEO Lokvir Kapoor said: “With this capital, we will accelerate Pine’s network penetration in India and expand outside India with our world class technology.”

Sequoia Capital (India) Singapore managing director Shailendra Singh said: “Pine Labs is a special investment for Sequoia Capital India, because it is a story of incredible grit, first-principles innovation and company building by Lokvir and the management team that spans more than a decade.

“Pine Labs has emerged into a category-defining company with a new cloud-based model for retail payments that supports all payments types. It’s a platform that took years to build and provides a very defensible foundation for the next phase of growth in products and markets.”

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Pine Labs offers cloud-based software, enabling merchants to accept credit or debit card payments along with e-wallets, QR code payment solutions or other unified payments interface- (UPI) based solutions.

The firm currently processes 450 million transactions worth more than $15bn every year.