India-based payment solution firm Pine Labs has raised $150m in a combination of primary and secondary funding from Alpha Wave Global, reported The Economic Times.

The fundraising comes as the firm prepares to debut on the US stock market. The latest funding is said to value the firm at more than $5bn.

According to Pine Labs’ regulatory filing in Singapore, New York-based Alpha Wave has already paid the firm a first tranche of $75m.

Confirming the investment on Friday, Pine Labs CEO Amrish Rau said, “Alpha Wave Venture has invested $150 million in Pine Labs. We are happy to bring a marquee investor on board.”

Pine Labs is also planning a secondary raise in the range between $50m and $75m as part of the current round, people aware of the development told the publication.

Rau did not comment on the secondary fundraising.

Pine Labs filed for a confidential initial public offering (IPO) in New York last month. According to a Bloomberg report at the time, the firm is eyeing to raise up to $500m through the listing.

The same month, the firm also secured a $20m backing from the State Bank of India (SBI) to bolster its newly launched brand of online payment products, Plural.

Backed by investors including PayPal, Temasek, Actis, Mastercard and Sequoia Capital, Pine Labs is focusing on expanding its offering in the domestic market and footprint in the Southeast Asia.

The firm is expected to foray into Middle East market this year.

In April 2021, the firm bought Singapore-based consumer fintech platform Fave to enter into the consumer payment space. It followed its acquisition of Qwikcilver in 2019, which expanded its presence into the Gift, Prepaid and Stored Value segments.