Pine Labs close to attaining a list of Unicorns with the new funding round
Pine Labs is at the final stage of a funding round of $75 Million from its existing investors including PayPal and Temasek.
Pine Labs is at a recent valuation of $900-950 Million with receiving $125Million funds from PayPal and Temasek last year.
Pine Labs to achieve $1.2-1.4 Billion post $75 Million funds round
A payment solution startup, Pine Labs aims to be a new company to join India’s craving Unicorn club by raising funds of $1 Billion. According to its latest plan of funding, it is in the final stage of a closing funding round of $75 Million from its existing investors including PayPal and Temasek. Pine Labs recent valuation is $900-950 Million and it will achieve high parapet of $1.2-1.4 Billion posts this funding round.
According to plans of the company, it would be using the recently released fund in exploring itself into the international market and make acquisitions.
Pine Labs came into action in 1998. It offers cloud-based point-of-sale payments solutions that assist merchants to accept credit and debit card payments in spite of transactions using e-wallets; the unified payments interface (UPI) and QR codes.
Pine Labs has done a series of fundraising rounds. Last year it received $125 Million from PayPal and Temasek. Prior to that, it raised $82 Million from Altimeter capital; California based Investment Company and private equity fund Actis.
Pine Labs has appointed Vicky Bindra, Former Visa and Master Card executive as CEO of the company to assist in the acceleration of process in the global market.
Walmart backed PhonePe is slowly entering the offline space. PhonePe has also deployed a point of sale device for offline vendors and claims to have 1 million offline merchants. Private equity firms General Atlantic and KKR have shown a keen interest in investing in PhonePe as it is emerging as an independent unit.
Paytm also has good presence offline using its QR codes. Paytm raised $300 million from Warren Buffett’s Berkshire Hathaway previous year. Pine Labs is exploring its business using funds.
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