Pine Labs Receives Funding From Fidelity And BlackRock Of About $600 Million
- ByStartupStory | July 6, 2021
Payments platform for merchants in India, Pine Labs received funding from Fidelity and BlackRock and closed a deal of about $600 million and they target an IPO within the next 18 months. This Singapore based Startup which offers instore and on;ine payment facilities along with prepaid, loyalty and ‘pay later’ options, is at present valued at $3 billion, according to Amrish Rau, CEO of Pine Labs. Investors participating in the round included a fund advised by Neuberger Berman Group LLC and India’s IIFL Finance Ltd. and Kotak Funds. For using the Pine Labs application, merchants have to pay a monthly fee , and with every transaction, the company also receives a micro amount. Online Payment apps are at present gaining popularity in India, mostly because the majority of the people use smart phones .
“It’s a product from India that’s succeeded in Malaysia and Singapore and is entering Indonesia and Thailand,” Rau said in an interview via video call. “We’ve got a good, Ebitda-positive story as we plan our IPO in the next 18 months.” The Pine Labs IPO will likely take place in the U.S., Rau said. “With our size and scale, we want to make it a global IPO,” he said. The startup offers digital solutions for the checkout point, enabling transactions from billing to payments and reconciliation. Its “pay later” offering covers 100 million customers in India, Singapore and Malaysia, allowing buyers to pay in three, six, nine or 12 monthly installments for products such as Apple Inc. and Samsung Electronics Co. devices. The company also runs a prepaid gifting platform called QwikCilver in India, Southeast Asia, Middle East, Europe and Australia.