Pine Labs raises another $50 million ahead of IPO

• Pine Labs raised another $50 million in funding at a $5 billion valuation.
• London-based private equity firm Vitruvian Partners participated in the final round.
• Pine Labs is a merchant payment solution that enables businesses to accept online and offline digital retail transactions.

Digital payments and financial services provider Pine Labs raised another $50 million in funding, at a reported valuation of $5 billion. London-based private equity firm Vitruvian Partners, which backs companies like Byju’s, participated in the latest round.

According to regulatory filings in Singapore, Pine Labs’ latest funding round would include a $15 million employee stock purchase program (ESOP). The development was first reported by The Economic Times.

Business Insider contacted Pine Labs for confirmation of the report.

The development comes just a month after the fintech startup raised $150 million from Alpha Wave Global, at the same $5 billion valuation. The financing included a secondary equity sale component, providing liquidation opportunities for the company’s existing shareholders.

Founded in 1998 by Lokvir Kapoor, Pine Labs is a merchant payment solutions company that enables businesses to accept online and offline digital retail transactions. The company powers over 150,000 merchants, 3.5 lakh Point of Sale (PoS) terminals in 3,700 cities in India and Malaysia.

Pine Labs serves prominent large, medium and small merchants in Asia and the Middle East, including Apple, Starbucks Corp, McDonald’s Corp and many more. The company is currently headed by Amrish Rau.

According to the business intelligence platform Crunchbase, Pine Labs has raised over $1 billion to date. Its investors include State Bank of India, Kotak Mahindra Bank, IIFL Asset Management, Invesco, Gaurav Munjal of Unacademy, Sriharsha Majety of Swiggy and Harsh Jain of Dream11.

The company plans to go public soon and filed a confidential initial public offering (IPO) in the United States in January this year. The company plans to raise half a billion dollars in the public market, at a valuation of $6-7 billion.


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