New Delhi, May 17 (PTI) Merchant commerce platform Pine Labs on Monday said it has completed a new round of financing from investors including Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures, and Ward Ferry Management.
Existing investors Temasek, Lone Pine Capital, and Sunley House Capital also participated in this funding round, a statement said.
'We raised USD 285 million. We want to thank Puri Kaaynath for supporting and backing us. Our teams, families, customers, and investors,' Pine Labs CEO B Amrish Rau said in a LinkedIn post.
This translates to about Rs 2089 crore. In December last year, Pine Labs had announced raising funding from Lone Pine Capital, valuing it at over USD 2 billion (about Rs 14,700 crore). In January 2020, Mastercard had invested in the company, placing the fintech firm in the unicorn club (companies with a valuation of USD 1 billion).
Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal, and Mastercard.
'In this significantly oversubscribed round, in addition to primary proceeds, Pine Labs enabled secondary transactions for its founder, employees, and early shareholders as it is already a well-financed company with a strong balance sheet and has been EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) profitable for several years,' a statement said.
Pine Labs currently serves more than 1.5 lakh merchants across Asia and the Middle East. Its payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world.
Pine Labs had recently launched its popular Buy Now, Pay Later proposition in Malaysia and plans to take its integrated Pay Later installment solution to newer markets in Southeast Asia. Last month, Pine Labs had also announced the acquisition of Fave, a Southeast Asian consumer fintech platform.
'This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners,” Rau said in a statement. PTI SR SHW SHW