Pine Labs, one of Asia’s leading merchant commerce platforms, announced an investment round with the entry of new investors 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, which is subject to approval from the Securities and Exchange Board of India (SEBI), bringing the total round size to over USD 600 million.
Pine Labs continues to be well-financed and has been EBITDA profitable for several years. 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% over the last year. We are excited to bring on board a marquee set of new investors in this round and appreciate the confidence they have placed on the Pine Labs business model and our growth momentum,” said B. Amrish Rau, CEO, Pine Labs.
“Pine Labs has rapidly transformed from a single product company allowing retail acceptance of payments to a broader payments platform. The company now serves hundreds of thousands of merchants across payments acceptance on cards and UPI processing tens of billions of payment volume; the company also has the market leading PayLater offering with ~$3B in annualized PayLater transactions. 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.
