Ravi Tilekar
With a $600 million fundraise, Pine labs has closed the financing round on Tuesday as the Asian merchant commerce platform sets the goals to explore the public markets within two years eyeing US listing With the current close, the valuation of the firm stands at $3 billion.
Pine Labs wants to become the first Indian fintech to list offshore, with the right unit economics and Ebitda profile, while recording 50-60% revenue growth year-on-year
Pine Labs is regarding an additional fund raise by the end of 2021, as it looks to expand into new geographies of the Middle East by early next year
Fidelity Management & Research Company, BlackRock, Ishana, as well as a fund advised by Neuberger Berman Investment Advisers, and IIFL and Kotak invested in the round, which values the startup at $3 billion. Pine Labs unveiled the new round, a name of which it hasn’t disclosed, earlier this year.
Point-of-sale machines which is its payment terminal are connected to the cloud, and offer a range of additional services such as working capital to the merchants. Pine Lab’s payments terminal has an association with over 25 banks and financial technology partners
We are excited to bring on board a marquee set of new investors in this round and appreciate the confidence they have placed on the Pine Labs business model and our growth momentum,” said Amrish Rau, adding that he plans to take the startup public in 18 months.
In recent years, Pine Labs has made several acquisitions to broaden its business. In 2019, it acquired QwikCilver, which leads the market in gift cards category. Earlier this year, it acquired Southeast Asian startup Fave for $45 million as it broadened its consume side of the business.
Over 6 million consumers across over 40,000 merchant establishments now have access to the Fave app, the startup said.
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