Pine Labs, one of the leading merchant commerce platforms in Asia, has announced an investment round of $600 million including new investors like Fidelity Management & Research Company, funds managed by Blackrock, Ishana, and others.
This is subject to approval by the Securities and Exchange Board of India (SEBI) and this kind of investment and active participation from leading investors shows how strong the business model is and what kind of potential these investors see in the company’s strategic growth in the future.
“Over the last year, Pine Labs has made significant progress in its Offline to Online strategy in India and the direct-to-consumer play in Southeast Asia. Our full-stack approach to payments and merchant commerce has allowed us to grow in-month merchant partnerships by nearly 100% over the last year. We are excited to bring on board a marquee set of new investors in this round and appreciate the confidence they have placed in the Pine Labs business model and our growth momentum,” said B. Amrish Rau, CEO, Pine Labs.
The company has said that it continues to be well-capitalized with a profitable EBITDA over the last few years. It also continues to be backed by some major investors that include Sequoia Capital, Temasek Holdings, and others which proves the kind of trust and faith that the major investors continue to have in the company.
The company is known for handling in-store and doorstep payments and also gives Pay Later option at the point of sale and offers online payments and related services to small, medium, and large businesses as well. It also recently acquired the Fave app in April 2021 which helped to bring in more than 6 million customers and 40,000 merchant establishments who were part of the Fave app. The app is a consumer fintech platform built with a new generation of users in mind. Both the platforms have a good presence across the different parts of Asia and the Middle East as well which means that the expansion across Asia seems to be the prime target of these companies at this time.
The digital payments and commerce industry has been growing very strongly over the last few months and it is expected to continue to grow in the coming months which is why the major companies in this field are eyed by major investors for funding and equity share.