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India: Pine Labs raises $600m funding round from Fidelity, BlackRock, others
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Pine Labs may raise additional funds in coming weeks; aggressively scaling online business
Close on the heels of a USD 285-million investment round, fintech major Pine Labs may raise additional funds in the coming weeks as it continues to receive investor interest, according to a top company official.
The company also aims to process USD 1 billion worth of online transactions this fiscal, as it scales its offerings for online merchants and help offline retailers in India expand their presence into the virtual space.
Speaking with PTI, Pine Labs Chief Executive B Amrish Rau said the company was looking at raising over USD 100 million but it ended up raising USD 285 million.
Close on the heels of a USD 285-million investment round, fintech major Pine Labs may raise additional funds in the coming weeks as it continues to receive investor interest, according to a top company official. The company also aims to process USD 1 billion worth of online transactions this fiscal, as it scales its offerings for online merchants and help offline retailers in India expand their presence into the virtual space. Speaking with PTI, Pine Labs Chief Executive B Amrish Rau said the company was looking at raising over USD 100 million but it ended up raising USD 285 million. We continue to have some more interest coming through and there are a few investors who are likely to join this round and, hence, we just called it as a first close (at USD 285 million).
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In Brief
Tuesday, 25 May 2021 14:16 Private equity / VC
Pine Labs, the digital payments and commerce solutions provider to merchants, said it has raised $285 million in new funding from public market crossover investors, including Marshall Wace, Baron Capital Group, Duro Capital, Moore Strategic Ventures and Ward Ferry Management. Its existing investors Temasek, Lone Pine Capital and Sunley House Capital have also participated in this funding round.
Pine Labs Completes First Close of $285M Funding
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