After the latest investment received by Pine Labs’, the platform’s valuation crossed $2 Billion. The investment was done by Lone Pine capital in a fresh funding round conducted by the company. The company also got another investment at the beginning of 2020 by MasterCard. And they got their Unicorn status after that investment. As of now, the amount of the latest funds received by Pine Labs is unknown.
About Pine Labs’
Pine Labs was founded in 1998 by Lokvir Kapoor, Tarun Upaday, and Rahul Garg. It is an Indian merchant platform that provides a lot of fintech services to retailers. The company makes the software for PoS machines. And also has over 70,000 retail outlets across the country. The company also has a lot of notable investors like PayPal, Sofina, Temasek, Sequoia Capital, and more.
Pine Labs’ first funding was received back in 2018 from Temasek Holdings and Paypal. And then over the past three years, it has conducted several investment rounds with new investors. The company provides several products and services like Instant EMI, discounts, cashback, Ewallet, Loyalty solutions, accepting credit and debit card payments, and more.
The Growth of the company
As of now, the company processes over $30 Billion per year in payments and has over 150,000 merchants working with them. This shows the huge growth of the Fintech industry in the late few years. As said by the CEO of the company, many small businesses are very quickly adopting cashless payments. This is why the rate at which they are providing services is also increasing. With the latest investment, the company also plans to invest in online and offline commerce in India.
The company is also planning to expand to more countries outside India, which is also a very important aspect of growth. Pine Labs’ partnership with Mastercard in January of 2020 was phenomenal for its expansion as it achieved its unicorn status. The company has done many things in 2020, one of them being launching the QR payment method for merchants in 2020. At present, the company has over 150k merchants spread across over 3700 cities across various nations.
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