Pine Labs gets funding from Lone Pine Capital
New Delhi: Merchant commerce platform, Pine Labs, on Monday said it has raised a fresh round of funding from Lone Pine Capital, valuing it at over $2 billion (about Rs 14,700 crore). Pine Labs did not disclose the amount of the funding raised.
Lone Pine's investment follows the strategic investment made by Mastercard in January 2020, when it attained the unicorn status, a statement said. Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Mastercard, Actis Capital, Temasek and PayPal. Small businesses and consumers are fast adopting to digital commerce and contactless checkout, Pine Labs CEO B Amrish Rau said.
"We are also seeing tremendous uptake in Pay Later services and have now enabled nearly 1,50,000 outlets for this. It's time to invest heavily in offline and online commerce across India and South East Asia," he added.
Mala Gaonkar, Portfolio Manager and Managing Director at Lone Pine, said "The Pine Labs team is leveraging key structural changes taking place across payments and fintech globally, including the integration of software and payments at the point-of-sale, the digitisation of small-to-medium enterprises, and the rapid adoption of buy-now-pay-later offerings". (PTI)