Bengaluru: Pine Labs is a digital payments platform and provides commerce solutions to merchants. It said that it has raised $285 million in a new funding series from public market crossover investors which involves Marshall Wace, Baron Capital Group, Duro Capital, Moore Strategic Ventures, and Ward Ferry Management. Its existing investors are as follows- Temasek, Lone Pine Capital, and Sunley House Capital have also contributed to the funding round.
The sources suggest that the firm was in the final stages of discussions to raise $300 million and that the total proceedings could swell to $400 million. The valuation of the firm is at over $3 billion but the company will not disclose the details.
The Pine Labs stated it is the first close of its ongoing funding round. It is also in talks to raise another $100 million in the new round. The current round of financing also involves significant secondary transactions from the firm’s founder, its employees, and shareholders. But until now it did not release any details on the size of the secondary share sale. Whereas, it suggests being around $100 million in size.
The CEO of Pine Labs Amrish Rau said- “This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners”.
Moreover, the new proceedings will be used to double down on its buy-now-pay-later product in the Indian marketplace and to expand its other services across India and South Asia.
Lastly, the CEO and portfolio manager at Marshall Wace Asia Amit Rajpal said- “We are very excited to be a part of the technological transformation that Pine Labs is driving on the ground in payments and the multiple interlinkages and efficiencies it can create by providing faster, cost-effective consumer access to a broader range of financial products such as BNPL (buy-now-pay-later), where it is driving a pioneering effort on behalf of the financial system. We are also excited about an Indian business being able to drive regional and potentially global adoption of its intellectual property and this represents significant optionality for the future