Vitruvian Partners, a London-based international investment firm, led a $50 million funding round for Noida-based merchant commerce platform Pine Labs. The business was allegedly valued at $5 billion in the financing.
The announcement comes after it paid an undisclosed sum for Mumbai-based Qfix Infocomm Pvt. Ltd., an online payments startup. Pine Labs said earlier this year that it would raise $200 million in capital from India’s largest public sector bank, State Bank of India (SBI).
Pine Labs started as a provider of card-based payment and loyalty solutions to the retail gasoline market. The company has expanded its business to include new categories in recent years, such as mobile point-of-sale solutions that allow retailers to take credit and debit card payments.
The fintech company says it powers over 150,000 merchants, 3.5 lakh points of sales (PoS) terminals across 3,700 cities in India and Malaysia.
“At Pine Labs, we are deeply focussed on the omnichannel play and are building frictionless and seamless payment experiences for our merchant partners and large enterprises,” said B. Amrish Rau, CEO of Pine Labs.
“We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later offering to new markets through strategic collaborations,” he adds.
Pine Labs is expanding its BNPL offering in Southeast Asia. Earlier this month, the company had launched the ‘Mastercard Installments with Pine Labs’ program with Mastercard and DBS Bank to empower the bank’s two million customers in Singapore, Indonesia, and Hong Kong SAR with Pay Later installment purchase options at the point of sale.
Speaking on the investment, Peter Read, Partner at Vitruvian Partners, said: “Our investment in Pine Labs follows several investments we have made into the digital payments space, and we’re excited to partner with the management team as they continue to drive digital transformation within the rapidly growing Indian payments market.”
