Sequoia-backed Pine Labs Raises $82M from Actis, Altimeter

Noida-based payments solutions provider Pine Labs has raised around $82 million (around Rs 530 crore) led by private equity fund Actis with participation from California-based investment company Altimeter Capital.

The company’s valuation is still undisclosed by the company but according to the people aware about the development said this round happened at a valuation of close to $900 million. 

The company will use the funds to expand operations globally as well as to strengthen its technology solutions for retail merchants accepting digital payments. Pine Labs has already started business in Malaysia and has also opened an office in Dubai. The company said it has received good response from these locations and now planning to expand to other Gulf nations and south-east Asian countries like Vietnam, Philippines, and Thailand.

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. 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.

The company is also looking to add new products in its portfolio including electronic gift cards, loyalty programmes, and others. It has also partnered with non-banking finance companies to rapidly scale up the merchant lending business.

Mumbai-based MSwipe, which also deploys payment terminals, had raised more than Rs 200 crore in June 2017 from Ratan Tata-backed investor and others. Pine Labs’ other competitor Innoviti Payment Solutions, a payments company backed by Infosys Ltd co-founder N.R. Narayana Murthy's Catamaran, also received Rs 120 crore last year from SBI-FMO and Bessemer Venture Partners.