Sequoia-Backed Pine Labs Raises US$ 600 Million Ahead of IPO Plans

Sequoia-Backed Pine Labs Raises US$ 600 Million Ahead of IPO Plans

by July 6, 2021
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Pine Labs, an Indian merchant commerce platform, announced that it has closed a US$ 600 million funding round ahead of its planned initial public offering (IPO) in March 2022.

The round saw 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.

The investment is subject to approval from the Securities and Exchange Board of India (SEBI).

Pine Labs is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard amongst other leading global investors.



The platform offers a range of customised offerings for in-store and doorstep payments, Buy Now, Pay Later (BNPL) services at the point of sale, prepaid issuance and online payments to large, mid-market and small retailers.

The company has also beefed-up investment on the consumer side of the business with the acquisition of Fave for US$ 45 million in April 2021. Over 6 million consumers across over 40,000 merchant establishments now have access to the Fave app.

B. Amrish Rau, CEO, Pine Labs.

B. Amrish Rau

“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.

Shailendra Singh, MD, Sequoia Capital

Shailendra Singh

“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 annualised PayLater transactions. 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.

 

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