IPO-Bound Pine Labs Bags $150 Mn From Alpha Wave Ventures

IPO-Bound Pine Labs Bags $150 Mn From Alpha Wave Ventures

SUMMARY

The fresh round has valued Pine Labs a little over $6 Bn

Last month, Pine Labs has raised $20 Mn from India’s SBI

Pine Labs is reportedly eyeing for a $1 Bn IPO in the NASDAQ stock exchange

IPO-bound fintech unicorn Pine Labs has raised $150 Mn from Alpha Wave Ventures at a little over $6 Bn valuation. Pine Labs’s CEO Amrish Rau has confirmed the development to Inc42. 

The round seems to be a Pre-IPO round of the 22-year-old fintech giant which is gearing for a NASDAQ listing this year. 

The development comes almost a month after Pine Labs bagged $20 Mn from India’s largest commercial bank SBI. 

“We can confirm that Alpha Wave Venture has invested $150 Mn in Pine Labs. We are happy to bring a marquee investor on board. Our omnichannel strategy is showing strong revenue growth. We are also seeing strong growth in international markets,” Rau told Inc42. 

The funding news was first reported by ET. 

The investment also comes ten days after Pine Labs acquired Mumbai-based online payment startup Qfix Infocomm. 

Pine Labs has been actively raising funding since last year. The fintech unicorn in 2021 raised a total of $700 Mn in funding in two tranches. In July last year, it raised $600 Mn from its new investors Fidelity Management & Research Company, BlackRock, Ishana, and Tree Line among others. In the month of September, Pine Labs got $100 Mn US-based investment management company Invesco at a valuation of $6 Bn. 

Founded in 1998 by Lokvir Kapoor, the startup entered the coveted unicorn club with $1 Bn valuation in 2020 after closing a deal with US multinational financial services corporation MasterCard. 

The Noida-based startup enables large and mid-sized businesses in Asia and the Middle East to accept digital payments. It offers merchant commerce solutions including enterprise automation systems such as customer relationship and inventory management. 

It claims its cloud-based platform helps 140,000 merchants, 3.5 Lakh PoS (point of sale) terminals across 3,700 cities and towns in India and Malaysia. More than 15 major banks, seven financial institutions and more than 100 brands are a part of Pine Lab’s platform that processes payments worth $30 Bn every year.

Pine Labs, which is reportedly eying for a $1 Bn IPO enjoys support of marquee investors such as Sequoia India, Singapore’s Temasek, PayPal, Actis Capital, among others. 

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

IPO-Bound Pine Labs Bags $150 Mn From Alpha Wave Ventures-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

IPO-Bound Pine Labs Bags $150 Mn From Alpha Wave Ventures-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

IPO-Bound Pine Labs Bags $150 Mn From Alpha Wave Ventures-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

IPO-Bound Pine Labs Bags $150 Mn From Alpha Wave Ventures-Inc42 Media
IPO-Bound Pine Labs Bags $150 Mn From Alpha Wave Ventures-Inc42 Media
You’re in Good company