Point-of-sale (PoS) solutions provider Pine Labs has raised $82 million in an investment round led by Actis Capital. The Delhi-NCR-based digital payment startup also saw participation from US-based tech-focused fund Altimeter Capital.
The latest funding may raise the startup’s valuation close to $1 billion and the fresh proceeds will be used to expand into international markets, reports Mint.
Founded in 1998 by Rajul Garg, Pine Labs offers a cloud-based point-of-sale (PoS) payments solutions, allowing merchants to accept credit or debit card payments, as well as latest methods such as e-wallets, QR code payment solutions and unified payments interface (UPI)-based solutions.
Also Read: Point-of-sale startup Mswipe raises $10 Mn in series D round
The startup works with more than 75,000 retailers across the country, including major retail outlets such as Marks and Spencer, Pantaloons, Shoppers Stop, and Westside.
“We have a presence of about 300,000 PoS in the market, which is about 10% of the footprint in the country. We have about 15% of the card volume flowing through our network,” said Kapoor.
In the next three-to-four years, the startup expects to grow from the current level of 300,000 to 1 million terminals.
The firm also claims to processes 450 million transactions worth over $15 billion on an annual basis.
In the overseas market, Pine Labs has started operations in Malaysia and aims to increase its footprint in the United Arab Emirates (UAE) followed by Saudi Arabia, and South-East Asian countries such as the Philippines, Indonesia, Thailand and Vietnam, as well as Qatar in West Asia.
Sequoia may eye an exit from Pine Labs
Back in 2009, the largest shareholder (owns two-thirds) and existing investor Sequoia Capital had invested in the digital payment firm.
In August last year, citing multiple sources an ET report said that the Silicon Valley venture capital firm is targeting a valuation of about $1 billion for Pine Labs to completely exit the company. In case, such valuation demands are not met, the Venture capital and growth-stage investment firm is also considering a partial stake sale in the company in which it.
So far, Pine Labs has raised $50 million in primary capital.
