Merchant platform Pine Labs raises $285M at a valuation of $3B

Noida-based merchant platform Pine Labs has raised $285 million in a new funding round led by public market crossover and existing investors at a valuation of $3 billion.

The round saw participation from Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures, and Ward Ferry Management. Existing investors, Temasek, Lone Pine Capital, and Sunley House Capital, also took part in the round.

The company said it was an oversubscribed round which also enabled secondary transactions for its employees, founders, and early investors. With this funding round, Pine Labs will expand its merchant network and enhance its technology product stack, the company said.

Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadyay, Pine Labs was initially launched as card-based payments and loyalty solutions provider for the retail petroleum industry. Over the past few years, the company has transformed its business to other segments, providing mobile point of sale solutions that allow merchants to accept credit and debit card payments. It also includes Instant EMI, Instant Discounts, Cashback Programs, PaybyPoints, Loyalty Solutions, eWallet, Targeted Promotions, Dynamic Currency Conversion and Gift Solution.

Pine Labs has a variety of financial services like point of sale devices, merchant commerce and also financing. It has its presence is in some areas including India, South East Asia and Middle East.

Pine Labs CEO Amrish Rau said, “This is an exciting phase in our journey as we enter new markets. We exceed in enterprise merchant payments and now want to initiate new frontiers in the online space as well and at the same time continue to power the credit and cater the needs of our offline merchant partners.”

Amit Rajpal, CEO & Portfolio Manager of Marshall Wace Asia stated, "We are very excited to be indulging in the technological transformation that Pine Labs is driving on the ground in payments and the multiple interlinkages and efficiencies it is able to create by providing faster, cost-effective consumer access to a wide range of financial products.”

According to the company, Pine Labs serves more than 150,000 merchants across Asia and the Middle East region. Pine Labs recently launched its popular Buy Now, Pay Later proposition in Malaysia and plans to take its integrated Pay Later installment solution to newer markets in Southeast Asian regions.

Pine Labs counts Lone Pine Capital, Mastercard, Temasek Holdings, PayPal Ventures, Flipkart, Altimeter Capital, Sequoia Capital India, Actis, Madison Capital India, as investors.

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