Fintech unicorn Pine Labs to file a USD 1Bn US IPO by October-end
Fintech unicorn Pine labs is ready to head for a US IPO weeks after converting its Singapore parent company into a public company. The company is aiming to file its paperwork with the US Securities Exchange Commission (SEC) for its $1 Bn IPO by October end.
Through a mix of primary and secondary stake sales, the company is looking to raise nearly $1 Bn. Recently, Pine Labs has raised $100Mn from Invesco, a US-based investment management company. Also, it received $600 Mn from BlackRock, Fidelity management & research company, Ishana and IIFL at a valuation of $3 Bn.
In May, the startup has raised $285 Mn from Duro Capital, Temasek, Baron Capital Group and Marshall Wace. In total, Pine Lab has received $840 Mn investments in over 10 rounds.
In 2020, Pine Labs entered the unicorn club after concluding a deal with MasterCard, a US multinational financial services corporation.
The startup was founded in 1998 by Lokvir Kapoor. It provides merchant commerce solutions including customer relationship management and inventory management.
Pine Labs acquired startup Fave for $45 Mn to strengthen its digital payments solutions in India and foreign.
In FY20, the fintech giant reported a loss of INR 57.72 crore. With INR 701.62 Cr the startup’s revenue grew by 43 per cent in FY20.
Along with Vijay Shekhar Sharma’s Paytm and Bipin Preet Singh's MobiKwik and Fino Payments Bank, Pine Labs will be the fourth Indian digital payment startup going public.
Pine Labs has 140K+ merchants, 3.5 lakh PoS terminals across 3,700 cities and towns in India and Malaysia. More than 100 brands, seven financial institutions and 15 major banks are a part of Pine Lab’s platform.
Through a mix of primary and secondary stake sales, the company is looking to raise nearly $1 Bn. Recently, Pine Labs has raised $100Mn from Invesco, a US-based investment management company. Also, it received $600 Mn from BlackRock, Fidelity management & research company, Ishana and IIFL at a valuation of $3 Bn.
In May, the startup has raised $285 Mn from Duro Capital, Temasek, Baron Capital Group and Marshall Wace. In total, Pine Lab has received $840 Mn investments in over 10 rounds.
In 2020, Pine Labs entered the unicorn club after concluding a deal with MasterCard, a US multinational financial services corporation.
The startup was founded in 1998 by Lokvir Kapoor. It provides merchant commerce solutions including customer relationship management and inventory management.
Pine Labs acquired startup Fave for $45 Mn to strengthen its digital payments solutions in India and foreign.
In FY20, the fintech giant reported a loss of INR 57.72 crore. With INR 701.62 Cr the startup’s revenue grew by 43 per cent in FY20.
Along with Vijay Shekhar Sharma’s Paytm and Bipin Preet Singh's MobiKwik and Fino Payments Bank, Pine Labs will be the fourth Indian digital payment startup going public.
Pine Labs has 140K+ merchants, 3.5 lakh PoS terminals across 3,700 cities and towns in India and Malaysia. More than 100 brands, seven financial institutions and 15 major banks are a part of Pine Lab’s platform.
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