Pine Labs back in the investors with a raise of US$600m

Pine Labs, a payments platform for merchants in India and Southeast Asia, closed a US$600 million fundraising

Pine Labs industry is a payment platform that engages merchants in India and some parts of Southeast Asia, has now closed a US$600 million fundraising round with one of the world’s largest investors which includes Fidelity Management & Research and BlackRock as it targets an IPO within 18 months.

CEO of Pine Labs Mr. Amrish Rau said that the Singapore-based startup, offers solutions for in-store and online payments as well as prepaid, loyalty, and “pay later” programs, and it is valued at US$3 billion. Investors are participating in the round of fundraising which has included the fund advised by Neuberger Berman Group and India’s IIFL Finance and Kotak Funds.


Banks and merchants have to pay a monthly fee for using Pine Labs’ application for a service, as it is a startup that also receives micro-fees on every transaction. Payment services are now gaining high popularity in Asia because smartphones have become highly widespread which is benefiting providers such as Pine Labs.

In a video conference, Mr. Rau said that “It’s a product from India that’s succeeded in Malaysia and Singapore and is entering Indonesia and Thailand.” He also added that “We’ve got a good, Ebitda-positive story as we plan our IPO in the next 18 months.

The initial public offering will likely take place in the US, Mr. Rau said. “With our size and scale, we want to make it a global IPO.”