Pine Labs raises $50 million from Vitruvian Partners, valuing the company at $5 billion
- ByStartupStory | March 29, 2022
According to regulatory records in Singapore and persons briefed on the matter, digital payments and financial services provider Pine Labs has raised another $50 million from London-based private equity firm Vitruvian Partners at a valuation of little over $5 billion. This includes a $15 million Esop (employee stock ownership program) buyback at the Noida and Singapore-based company ahead of its anticipated IPO in the United States.
It finalized a $150 million fundraising with Alpha Wave Global (formerly Falcon Edge) last month, which included a secondary share offering. Following this transaction, the company run by fintech veteran Amrish Rau was valued at over $5 billion. Rau declined to comment on the new investment on Monday. Vitruvian Partners’ spokesperson could not be reached right away.
Vitruvian Partners was a part of Byju’s $800 million investment round earlier this month. According to records and sources briefed on the case, top startup entrepreneurs like Unacademy’s Gaurav Munjal, MPL’s Sai Srinivas Kiran G, Swiggy’s Sriharsha Majety, and Dream11’s Harsh Jain have previously invested in Pine Labs.
Pine Labs is a merchant payment solutions company that enables businesses to accept online and offline digital retail transactions. It was founded in 1998 by Lokvir Kapoor. In India and Malaysia, the firm services over 150,000 merchants and 3.5 lakh Points of Sale (PoS) terminals in 3,700 cities.
Pine Labs works with a number of well-known majors, medium, and small retailers in Asia and the Middle East, including Apple, Starbucks, and McDonald’s. Amrish Rau is the current CEO of the company.
The company intends to go public shortly and filed for a confidential initial public offering (IPO) in January of this year in the United States. According to reports, the company plans to raise $500 million in the public market at a valuation of $6 billion to $7 billion.
Follow Startup Story
Related Posts
