Pine Labs gets nod from Singapore court to shift base to India
The company disclosed the court order in a recent regulatory filing, reports TechCrunch.
Merchant commerce platform Pine Labs on Monday said it has raised a fresh round of funding from Lone Pine Capital, valuing it at over USD 2 billion (about Rs 14,700 crore).
Pine Labs did not disclose the amount of funding raised.
Lone Pine’s investment follows the strategic investment made by Mastercard in January 2020, when it attained unicorn status, a statement said.
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Incorporated in Singapore, Pine Labs’ key investors include Sequoia India, Mastercard, Actis Capital, Temasek and PayPal.
Small businesses and consumers are fast adopting to digital commerce and contactless checkout, Pine Labs CEO B Amrish Rau said.
“We are also seeing tremendous uptake in Pay Later services and have now enabled nearly 1,50,000 outlets for this. It’s time to invest heavily in offline and online commerce across India and South East Asia,” he added.
Mala Gaonkar, Portfolio Manager and Managing Director at Lone Pine, said 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 digitisation of small-to-medium enterprises, and the rapid adoption of buy-now-pay-later offerings.
“We are excited to partner with Pine Labs as they innovate at scale in the payments and merchant commerce space, benefiting consumers, merchants and financial institutions…We look forward to the road ahead,” she added.
Pine Labs currently serves more than 1.5 lakh merchants in 3,700 cities across Asia and the Middle East. In July 2020, the company made a strategic investment in Fave. Together, the companies now provide cashless payment solutions to over 50,000 merchants across Malaysia, Singapore and other South-East Asian countries.
Earlier this month, Pine Labs and Mastercard jointly announced that they will expand their integrated ‘pay later’ solution to five South-East Asian markets early next year.
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