Point-of-sale device company and merchant commerce platform Pine Labs has secured a fresh round of funding from Lone Pine Capital.
While the company hasn’t revealed the actual amount it raised in this round, sources aware of the development estimate it to be around $80-100 million. This is the second fundraise for the Noida-based unicorn in 2020. Earlier in January, it had scooped up $300 million in Series H round from Mastercard.
According to Pine Labs, it has crossed the $2 billion valuation mark after the latest round.
“We are thrilled to welcome Lone Pine as an investor during this exciting and transformative phase of Pine Labs’ growth journey. Small businesses and consumers are fast adopting to digital commerce and contactless checkout. We are also seeing tremendous uptake in Pay Later services and have now enabled nearly 150,000 outlets for this. It’s time to invest heavily in offline and online commerce across India and SEA,” said Amrish Rau, CEO, Pine Labs in a press statement.
Rau, who took over from Vicky Bindra as CEO of Pine Labs in March, also claimed that the company has doubled its business in international markets and made investments in merchant payments platform Fave’s Singapore, Malaysia and Indonesia. Fave had partnered with Pine Labs in July to accelerate its cashless payment solution in Southeast Asia.
Pine Labs claims to serve more than 150,000 merchants in 3,700 cities across Asia and the Middle East and cover large, mid-sized and small merchants across the two regions. The company’s cloud-based platform offers a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management.
Besides Mastercard and Lone Pine Capital, Pine Labs’ key investors include Sequoia India, Actis Capital, Temasek and PayPal. Early backer Sequoia had scored a jackpot over the past few years on its investment in the company by offloading shares worth $180 million to PayPal, Mastercard, Temasek and Madison India.
Entrackr had exclusively reported on the multiple secondary transactions over the last several years in Pine Labs.
Along with Sequoia, many top rung stakeholders including founding members and senior employees of Pine Labs have also made some significant fortune through secondary events in May this year.