Pine Labs raises $600 million, eyes offshore listing

pine labs raises 600 million eyes offshore listing

The company powers over 1 billion online transactions every month and offers a range of customized payment options.

Indian Fintech startup Pine Labs has raised fresh funding of $315 million. As a part of its ongoing fundraising program, it has raised a total of $600 million, the company confirmed on Tuesday. The investors include Fidelity Management & Research Company, BlackRock, Ishana, Tree Line, advised by Neuberger Berman Investment Advisers LLC. Earlier the company announced that it had raised $285 million in primary and secondary equity sales from public market investors.

"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," said B. Amrish Rau, CEO of Pine Labs.

He further added, "Pine Labs wants to become the first Indian fintech to list offshore, with the right unit economics and Ebitda profile, while recording 50-60% revenue growth year-on-year. We don't want Pine Labs to be an India-centric story alone."

The company is looking for another fundraise by the end of this year, as it aims to expand into the Middle East by early next year. With this raises, the company is also eying an international listing. Pine Labs offers a range of customized payment options for in-store, online, and doorstep payments for small to large retailers. It currently powers over 1 billion online transactions every month, which is poised to increase by 10 billion in 12 months.