IPO-bound Pine Labs has brought on the company’s board CRED founder Kunal Shah.
The news comes a month after the merchant commerce platform raised a $600 Mn investment round from Fidelity Management & Research Company, BlackRock, Ishana and Tree Line among others.
Commenting on the appointment, Amrish Rau, CEO, Pine Labs, said, “We are excited to welcome Shah to our board. He joins a marquee set of investors, advisors, and other visionary board members who are all committed to take Pine Labs to newer heights. Kunal’s deep understanding of the consumer business will be invaluable to us as we explore new opportunities and step into our next phase of growth.”
Shah has backed over 100 startups across financial services, consumer, and technology. He is also an advisor to the board of Bennett Coleman & Co. Ltd (Times of India), the Chairman of the Internet and Mobile Association of India and an advisor to Sequoia Capital India. Before CRED, Shah founded Freecharge which was acquired by Snapdeal in 2015.
“The pandemic has catalysed behaviour change among consumers, merchants, and institutions that will drive the fintech sector. Shaping this transformation for the benefit of all stakeholders is a collective responsibility. Pine Labs is a player in digital payments adoption and joining its board is an opportunity to contribute to the ecosystem,” said Kunal Shah, Founder, CRED.
Founded in 1998 by Lokvir Kapoor, Pine Labs is a merchant commerce platform that serves large, mid-sized, and small merchants across Asia and the Middle East.
The company is aiming to enter the US public market by March 2022 and is reportedly in early-stage talks with at least four merchant bankers like JP Morgan, Citi and Morgan Stanley to work on its initial public offer (IPO).
Pine Labs was last valued at $2 Bn and is aiming to reach $5 Bn with its IPO plans.