Pine Labs, an India-based financial technology provider backed by payment services firms Mastercard and PayPal, has secured up to $100m in funding at a $2bn valuation, the Economic Times reported yesterday.
Hedge fund manager Lone Pine Capital led the round, sized between $75m and $100m according to a person aware of the details. It consisted of a mixture of primary investment and secondary share purchases from existing shareholders.
Founded in 1998, Pine Labs provides technology that enables retailers to accept digital payments, digitalise and manage their businesses more effectively.
The cash will fund the expansion of Pine Labs’ point-of-sale systems across the country in addition to adding more stores to its instalment financing programme and extending company growth across South Asia.
Venture capital firm Sequoia Capital purchased a majority stake in the company in 2009 and had invested about $20m by the beginning of 2015. Actis led an $82m round in March 2018 that also featured Altimeter Capital at a reported valuation of $800m to $900m.
PayPal and Singaporean state-owned investment firm Temasek provided a further $125m for Pine Labs two months later, before Mastercard invested an undisclosed amount in January this year at a valuation above $1bn.
