Indian fintech startup Pine Labs has raised close to $100 million funding from Lone Pine Capital.
About Company
Pine Lab
Pine Labs, a Delhi NCR-headquartered digital payment company deploys PoS terminals at merchant outlets and is one of the largest players in this space in India.
Pine Labs currently serves more than 150,000 merchants in 3,700 cities across Asia and the Middle East.
In July 2020, the company made a strategic investment in Fave.
Lone Pine Capital
Founded in 1997, Lone Pine Capital is a Connecticut-based investment firm which picks up strategic stakes in companies across multiple sectors through equity deals.
Valuation
This investment round has taken the company’s valuation from $1.6 billion to $2 billion within a year.
Similar event in past
Earlier in January 2020, the startup had achieved unicorn status after an investment from MasterCard.
It was the first to reach a $1 billion in valuation in 2020, marking its entry into India’s unicorn club.
Comment from Pine Lab
B. Amrish Rau, CEO,“Small businesses and consumers are fast adopting to digital commerce and contactless checkout.
We are also seeing tremendous uptake in Pay Later services and have now enabled nearly 150,000 outlets for this.
It’s time to invest heavily in offline and online commerce across India and SEA.”
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