Freshworks, Dream11, Swiggy and Indifi founders invest in merchant commerce platform Pine Labs

Merchant commerce platform Pine Labs has registered yet another secondary transaction this year

The company has scooped up $700 million across three tranches this year and also forayed into new verticals.

Pine Labs, a merchant commerce platform, has completed another secondary transaction this year, with co-founder Lokvir Kapoor selling shares worth approximately $4.5 million to 12 new investors in the Singapore-incorporated company.

According to Pine Labs’ regulatory filings in Singapore, Kapoor sold shares worth nearly $4.5 million to 12 investors, including Dream11 founder Harsh Jain & Family, Freshworks founder Girish Mathrubootham, Indifi founder Alok Mittal, Swiggy founder Sriharsha Majety, and Relation Capital.

Following the secondary transaction, Jain & Family bought $950K in Pine Labs shares from Kapoor, followed by Mathrubootham and Relation Capital, which each purchased $615K in Pine Labs shares. The remaining shares have been acquired by Mittal, Majety, and seven other investors.

These transactions were completed in three phases. While the size of the second round is not huge, it is crucial for Pine Labs since the Amrish Rau-led company is planning for an IPO in the United States at a $6 billion valuation. The company recently changed its Singapore-based holding corporation into a public company to help the IPO process.

Pine Labs will be one of the best-known fintech startups in 2021. This year, the company raised $700 million in three tranches and expanded into new markets. It acquired Malaysia-based payments platform Fave in April to expand into e-commerce enablement and consumer payments. Only last month, the company introduced Plural, a new platform for foraying into the payment gateway business.

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