Merchant commerce platform Pine Labs is on a fundraising spree before its public listing in the US. After raising $600 million, the organization has raised $100 million from Invesco Developing Markets Fund.
The fresh funding has come when Pine Labs’ Singapore-based holding substance had converted into a public organization and renamed as Pine Labs Limited. This indicates that the organization’s IPO preparation is going full speed ahead. The organization has reportedly appointed Morgan Stanley and Goldman Sachs as advisors for IPO in the US next year could value the organization at around $6 billion.
“Over the last year and a half we have scaled our Prepaid Issuing stack, Online Payments, and furthermore the Buy Now Pay Later (BNPL) offering. We continue to make progress in the larger Asian markets with our BNPL platform. Very excited to have a marquee investor like Invesco join us in the journey,” said B. Amrish Rau, CEO, Pine Labs.
Pine Labs didn’t disclose the valuation in the fresh funding round, however it was valued at $3 billion in July when it shut a $600 million round drove by Fidelity Management and Research Co. furthermore, BlackRock Inc.
Pine Labs’ early and major backer Sequoia capital has been reaping blockbuster returns through partial exits via secondary arrangements. It had made $455 million in the past couple of years including a $225-$230 million secondary in the past 10 months.
We had exclusively decoded the recent secondary arrangement in August.
Before this round, Sequoia remained the largest stakeholder in the organization with a 25.7% stake while its founder and chairman Lokvir Kapoor was the greatest non-institutional shareholder with 5.05% stake.
Apart from Point of Sales (PoS) business, the organization offers Buy Now Pay Later (BNPL), invoice management, gifting arrangement and internet business enablement answers for merchants. In April, the organization acquired Malaysia-based payments platform Fave to enter the internet business enablement and consumer payments segments.
Pine Labs would turn into the fourth fintech organization after Paytm, Policybazaar and Mobikwik to draw nearer to a public listing. The Vijay Shekhar Sharma-drove firm is eyeing perhaps the greatest initial public offering at a valuation of $25-30 billion.
