Noida-based merchant commerce platform Pine Labs today announced it has raised $20 million or Rs 149 crore in funding led by India’s largest public sector bank State Bank Of India (SBI).
Prior to this, The merchant commerce platform had raised a total round size of $600 million from a marquee set of new investors and followed it up with a $100 million fundraise from US-based Invesco Developing Markets Fund in September.
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.
Following this fundraise, Pine Labs is now looking to invest in scaling Plural, its newly launched brand of online payment products, and emerge as an omnichannel partner of choice for merchants, the statement said.
“We are thrilled to have the largest bank of India, the State Bank of India place their trust in us and welcome them in this journey where we are empowering merchants with seamless and secure payment experiences across offline and online platforms,” B. Amrish Rau, CEO of Pine Labs, said.
“In the last one year, several marquee investors have placed their trust in our business model and growth momentum and that is a gratifying feeling. This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI,” Amrish added.
Additionally, The firm is focused on expanding its Buy Now Pay Later (BNPL) business across India and Southeast Asia. It recently partnered with mobile-based credit card firm OneCard to extend its equated monthly installments (EMI) offering to all OneCard credit cardholders.