Pine Labs, founded in 1998, it has been around for over two decades now. The company offers different solutions for payments and is still a startup. The company basically offers a cloud-based point of sale (POS) payments solutions. It works as it allows people to accept credit and debit card payments besides normal ways via e-wallets. There are some other ways as well such as Unified Payment Interface commonly known as UPI and QR codes.
The company is currently valued at $900-950 million and there are many investors which have contributed to the company’s success. It has existing investors such as Temasek and Paypal which have invested a lot of money in the company. Pine Labs are also looking to expand overseas and Temasek might help it do the same. The company has also hired Vicky Bindra who previously worked with Visa and Mastercard. He was on the board of the company but has now been shot up the ladder and is the CEO of the company.
He has done a great job as the company now has a chance of becoming the latest entrant into the unicorn club. Temasek and Paypal are looking to invest another $75 million in the company. With this investment, Pine Labs would enter the unicorn club and would be valued at $1.2-1.4 billion. Temasek and Paypal have a long history with the company. The duo invested around $125 million in the month of May last year. Pine Labs also raised $82 million from Altimeter Capital which is California-based Investment Company. The $82 million was also contributed by a private equity fund Actis.
Temasek, however, remains one of the major investors in the company as the company’s reach in the south-east Asian market is the point of interest for Pine Labs. The Noida-based company has been looking to foray abroad and it has been working towards it. The Indian company might just leverage technological capabilities of PayPal which is one of the biggest payments company in the world.
There are rivals which are moving faster and PhonePe which backed by Walmart is its direct rival. PhonePe is moving into the offline market slowly and steadily. Paytm is also expanding as it raised another $300 million from Berkshire Hathaway, Warren Buffet’s venture fund.
The news is reported by a source close to Pine Labs as they talked to Livemint about the same. It will be interesting to see how Pine Labs goes about its business. It has been around for a long time now and the time might be right for it to expand and foray into major countries.