[Funding] Pine Labs raises $300 Mn at $3 billion valuation ahead of IPO talks

Merchant Payments Platform Pine Labs has raised $285 million funding from Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management. The round also saw the participation of existing investors Temasek, Lone Pine Capital and Sunley House Capital. The new round valued Pine Labs at $3 billion, up from about $2 billion in a December round last year and $1 billion in early 2020.

“We’re thrilled to welcome marquee investors like Marshall Wace, Baron Capital Group, Ward Ferry Management, Duro Capital and Moore Strategic Ventures to the already pristine cap table of Pine Labs. This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners,” B Amrish Rau, CEO of Pine Labs, said in a statement.

Pine Labs IPO plans

The company has already started working towards launching an IPO by March 2022 in the US. In March, a ToI report suggested that the PoS provider has begun early-stage discussions with at least four merchant bankers to work on its IPO. It is aiming at a valuation of around $ 5 billion. But these are early estimates and the valuation could change based on how these discussions progress.

About Pine Labs

Pine Labs evolved from a petroleum automation retail solutions player to becoming a payments products and services firm for merchants. It, today, is an Indian merchant platform company that provides financing and last-mile retail transaction technology. It is one of the unicorn companies that makes software for point of sale machines.

Today, Pine Labs serves more than 150,000 merchants in 3,700 cities across Asia and the Middle East. In July 2020, the company made a strategic investment in Fave. Together, the companies now provide cashless payment solutions to over 50,000 merchants across Malaysia, Singapore and other South-East Asian countries.

Read more: How is PineLabs helping SMEs to adopt digital payments with ease during Covid?