February 18, 2022
Pine Labs raises $150 Mn from Alpha Wave at $5 Bn valuation
February 18, 2022
Pine Labs raises $150 Mn from Alpha Wave at $5 Bn valuation
Entrackr
Merchant commerce platform Pine Labs has raised $150 million in a fresh round from Alpha Wave Global. The Singapore-registered company raised $850 million since January 2021 including $100 million round in September.
A Pine Labs’ spokesperson confirmed the development to Entrackr.
While Pine Labs is yet to comment on the valuation, an ET report said that the company raised the fresh funds at $5 billion valuation. The firm was valued at over $3 billion during the latest round in September.
“We can confirm that Alpha Wave Venture has invested 150 million in Pine Labs. We are happy to bring a marquee investor on board. Our Omni Channel strategy is showing strong revenue growth. We are also seeing strong growth in international markets,” said Amrish Rau, CEO of Pine Labs in a statement.
The fresh funding has come ahead of Pine Labs’ initial public offering (IPO) in the US. The company aims to raise $500 million at a valuation of $6-7 billion in the IPO.
PineLabs will become the third most privately valued fintech firm in India. Razorpay and PhonePe are the first and second-largest fintech companies in terms of valuation. Paytm, which was once the most valued fintech startup in India, made its public debut in November last year. Kunal Shah-led CRED is also in talks to raise a new round at over $6 billion valuation.
Apart from Point of Sales (PoS) business, the company offers Buy Now Pay Later (BNPL), invoice management, gifting solution and e-commerce enablement solutions to merchants. In April, the company acquired Malaysia-based paymentsplatform Fave to enter the e-commerce enablement and consumer payments segments.
In October 2021, Pine Labs had also announced its foray into the online payments space with the launch of Plural which offers three products: Plural Gateway, Plural Checkout, and Plural Console. The Amrish Rau-led company had recently acquired Mumbai-based online payments startup Qfix for an undisclosed sum. It’s reportedly in talks with Lightspeed-backed fintech infrastructure company Setu for acquisition.