Pine Labs has raised $600 million from a clutch of new investors including Fidelity Management & Research Company, funds managed by BlackRock, Ishana, Tree Line, a fund advised by Neuberger Berman Investment Advisers LLC. IIFL AMC via its ‘Late-Stage Tech Fund’ and Kotak are also participating in this investment round.
“Pine Labs continues to be well-financed and has been EBITDA-profitable for several years,” said a statement.
The company is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard amongst other leading global investors.
“Over the last year, Pine Labs has made significant progress in its offline to online strategy in India and the direct-to-consumer play in Southeast Asia. Our full-stack approach to payments and merchant commerce has allowed us to grow in-month merchant partnerships by nearly 100 per cent over the last year,” said Amrish Rau, CEO, Pine Labs.
What Pine Labs does
Pine Labs is a merchant commerce platform and offers products for in-store and doorstep payments, Pay Later at the point of sale, prepaid issuance and online payments to large, mid-market and small retailers.
“Through its acquisitions of QwikCilver and Fave, Pine Labs now has the market leading pre-paid platform in this region as well as the top consumer loyalty product in this market. With leadership across multiple categories, the company is very well positioned to help drive immense value to its merchant partners in India and across other SEA markets,” said Shailendra Singh, MD, Sequoia Capital.