Pine Labs raises fresh funds at a valuation of over $2 billion

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December 22, 2020 12:30 AM

The company is understood to have raised anywhere between $75 million-$100 million in the latest financial round that included a mix of primary and secondary investment.

In January, the Noida-based firm turned unicorn after it bagged funding from MasterCard at a valuation of about $1.6 billion.In January, the Noida-based firm turned unicorn after it bagged funding from MasterCard at a valuation of about $1.6 billion.

Merchant commerce platform Pine Labs on Monday said it has raised fresh funds from Lone Pine Capital at a valuation of over $2 billion.

The company is understood to have raised anywhere between $75 million-$100 million in the latest financial round that included a mix of primary and secondary investment. Pine Labs did not disclose the funding amount. In January, the Noida-based firm turned unicorn after it bagged funding from MasterCard at a valuation of about $1.6 billion.

Pine Labs, which serves more than 150,000 merchants in 3,700 cities across Asia and the Middle East, counts Sequoia India, Actis Capital, Temasek and PayPal as its other investors.

“Small businesses and consumers are fast adopting to digital commerce and contactless checkout. We are also seeing tremendous uptake in Pay Later services and have now enabled nearly 150,000 outlets for this. It’s time to invest heavily in offline and online commerce across India and SEA,” said CEO B. Amrish Rau in a statement.

Founded in 1998, Pine Labs initially provided a solution for card-based payment and loyalty programme in the retail petroleum industry. It pivoted its business model and forayed into the unified point-of-sale (POS) space since 2012.

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