Pine Labs, a leading provider of payments solutions, today announced board level appointments of Arun Sarin (ex CEO, Vodafone PLC) and Vicky Bindra, Visa Global Head (Commercial Business, Financial Inclusion, Key Accounts & Business Process).
“We are very excited to welcome two Industry stalwarts on our board.” announced Lokvir Kapoor, CEO - Pine Labs. “Their knowledge and experience in building global businesses will be extremely valuable as Pine Labs continues to expand in domestic and international markets”.
Arun Sarin served as the Chief Executive Officer of Vodafone Group PLC from 2003 to 2008. He was the driving force behind growing the data and Internet businesses globally. It was under his leadership that Vodafone grew to become a global brand with over 300 million customers and a market capitalization of $150 billion.
Arun Sarin is joining Pine Labs’ board in an advisory position. Commenting on the appointment, he said “Pine Labs has created a unique set of products and services that have seen tremendous traction with the Indian acquirers and merchants. I believe many new opportunities can be opened up by adapting this business model in other markets.”
Vicky Bindra brings a wealth of experience in the payment Industry. Prior to Joining Visa, Vicky was President, Asia Pacific & Global Accounts for MasterCard Worldwide. His experience will be especially useful in helping Pine Labs develop deeper roots in the payments industry.
“Pine Labs has created a killer app in terms of loyalty and instalments at POS in India. This is of significant value to the merchant, consumer and issuer. It is now poised to take this internationally and unleash another vector of multiple-year growth”, said Vicky Bindra.
Shailendra Singh, Managing Director, Sequoia Capital India Advisors, said “In the seven years since Sequoia first invested, Pine Labs has become a leading payments platform company in India, handling close to 20% of India's retail payment volume and growing rapidly. We are thrilled to welcome Vicky Bindra and Arun Sarin to Pine Labs, and look forward to their strategic help and guidance to help shape India's payments landscape.”
About Pine Labs
Pine labs is a leading provider of retail POS (Point of sale) solutions that simplify payment acceptance, while creating business opportunities for Issuers, merchants and brands to connect with consumers. Pine Labs began its journey with specialty payment and loyalty solutions for closed-user group applications for Retail Petroleum industry. Today it has evolved into a payment acceptance partner choice for more than 45,000 retailers, ranging from large worldwide enterprises with a wide network across India to locally-owned small businesses. What makes Pine Labs a market leader today is constant innovation to develop new robust solutions which went beyond payment acceptance and helped retailers to acquire and engage customers at Point of Sale. Pine Labs merchants and partners get a robust platform to create new revenue streams with best in class value added solutions like Instant EMI, Instant Discounts, Cash Back Programs, Pay by Points, Loyalty Solution, Gift Solution, Data analysis based Targeted Promotions, Dynamic Currency Conversion etc.
