Leading merchant commerce solutions company Pine Labs is reportedly set to raise funding in the region of $300 million from a gaggle of investors at a valuation of over $3 billion, according to media reports.
The funding may propel Pine Labs to being India’s third most valuable fintech startup after Paytm and PhonePe, which are valued at $16 billion and $5.5 billion, respectively.
The company was valued at $2 billion in December 2020, when it closed a $75-100 million funding round led by Lone Pine Capital.
This will be the fintech company’s second large funding after former PayU India CEO Amrish Rau joined as its chief executive in March 2020.