Fintech startup, Pine Labs, raises new investment

Fintech startup, Pine Labs, raises new investment

admin / December 23, 2020 / India, NewCrop, Startups, Uncategorized

Noida-based financial services startup, Pine Labs, raises new investment round worth between $75 million and $100 million.

The fintech startup operates an e-commerce platform focused on bringing merchants with storefronts online. Pine Labs offers a variety of services including point of sale options, online payments and a “Pay Later” service.

“Small businesses and consumers are fast adapting to digital commerce and contactless checkout,” Pine Labs CEO, Amrish Rau said, as reported by Economic Times. “We are also seeing tremendous uptake in Pay Later services. It’s time to invest heavily in offline and online commerce across India and South East Asia.”

Investors in the round include Connecticut-based Lone Pine Capital, among others. Pine Labs was founded in 1998 by Rajul Garg and Tarun Upaday.

The e-commerce platform has developed partnerships with retail companies including Samsung and Apple, among others.

The startup has established relationships with 150,000 merchants on its platform, so far.

The new investment will be out towards business expansion plans, technology development and an expansion of offerings, among other plans.

“We want to continue to double down on the ‘Buy Now Pay Later’ wave in India,” Rau said, ET reported. “We also want to continue the terminalization of store fronts as more and more physical retail stores across the country are looking to provide digital payments. Thirdly, we want to expand our business in South East Asian markets.”

As part of its services, Pine Labs has partnerships with different banks and financial institutions to help provide credit options to storefront owners. These financial institutions include ICICI Bank, among others.

The current investment round brings the startup’s valuation up to approximately $2 billion.

“The Pine Labs team is leveraging key structural changes taking place across payments and fintech globally, including the integration of software and payments at the point-of-sale, the digitization of small-to-medium enterprises, and the rapid adoption of buy-now-pay-later offerings,” Mala Gaonkar, Lone Pine Capital’s Managing Director said, as reported by ET.

(Picture Courtesy: Crunchbase)

Category India NewCrop Startups Uncategorized