Indian FinTech unicorn Pine Labs has received $50 million in funding from a London-based private equity giant Virtruvian Partners. Pine Labs provides payment services for retailers’ in-store and internet channels. It also offers analytics and consumer interaction services such as loyalty, incentives, and cashback.
With this latest funding, the firm’s valuation has soared to US$5 billion.
According to B. Amrish Rau, CEO, Pine Labs, it is currently seeking additional markets in Southeast Asia for its buy now and pay later (BNPL) services.
Pine Labs founded by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay received US$150 million from Alpha Wave Global last month and is pursuing a US$500 million fundraising through a public offering in the United States.
“We’re excited to partner with the management team as they continue to drive digital transformation within the rapidly growing Indian payments market,” said Peter Read, partner at Vitruvian Partners. “Our investment in Pine Labs follows several investments we’ve made into the digital payments space. We’re excited to partner with them as they continue to drive digital transformation within the rapidly growing Indian payments market.” Wise (formerly TransferWise), Callcredit, and Marqueta, all located in the United States, have received funding from the investment company.
Future Growth Plans
While the FinTech major is extending its timeline for public listing in the US, it is continuing to focus on growth and entering new FinTech segments.
“At Pine Labs, we are completely focused on the omnichannel play and deliver frictionless and seamless payment experiences for our merchant partners and major organizations,” B. Amrish Rau, CEO, said of the investment raising. We hope to deepen our recent venture into online payments via Plural and expand our Buy Now Pay Later service to additional areas through intelligent agreements. We are delighted to have Vitruvian Partners join us on this adventure, and we appreciate their faith in us.”