On Thursday, Pine Labs affirmed that it had raised $100 million from the US-based Invesco Developing Markets Fund, which plans to go public within the US subsequent year.
The new funding proceeds solely months after it raised $600 million in two tranches from many worldwide and home traders, which assessed the agency at $3.5 billion. Pine Labs's valuation in its most novel spherical and couldn't be immediately decided. On Thursday, ET reported earlier that the agency had appointed Wall Street bankers Goldman Sachs and Morgan Stanley to direct its US itemizing and talked with traders to lift $100 million. Sources asserted that the agency is eyeing a valuation of $6 billion for its IPO. The Noida-based agency is financed by Sequoia Capital, Temasek Holdings, Actis, PayPal, and Mastercard.
B. Amrish Rau, chief govt officer of Pine Labs, declared in an announcement, "Over the last 18 months, we have scaled our prepaid issuing stack, online payments, and also the buy now pay later (BNPL) offering. We continue to make progress in the larger Asian markets with our BNPL platform. We're very excited to have a marquee investor like Invesco join us in the journey".
Pine Labs predominantly specializes in producing software programs and deployment options for level of sale (PoS) units for storefronts. It has been broadening its choices on its lately developed software program platform with enterprise options reminiscent of BNPL integration, bill administration, fee gateway, and issuing pay as you go playing cards. The startup's third-highest-valued fintech agency in India, behind Paytm and PhonePe, posted an internet income of Rs 800 crore in FY21, based on firm assessments shared with ET in July.
Digital funds proceed to see constant development in India, fed by the Covid-19 pandemic. Additionally, Consumer-focused fintech startups reminiscent of Paytm and Mobikwik have drafted their prospectuses to go public on home exchanges later this year.
Risk traders, each international and home, have gathered to the sector in India amid regulatory captivity in investing in China. Late in the final month, Prosus procured the digital funds' processor BillDesk in a $4.7-billion all-cash deal.