Payment solutions provider Pine Labs Pvt Ltd said on Monday it has raised $285 million (Rs 2,085 crore) in funding from a clutch of reputed public market-focused cross-over funds.
The investors that participated in this round include Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management.
Existing investors Temasek, Lone Pine Capital and Sunley House Capital also participated in this round. The transaction has provided secondary exits for founder and employees and partial exits to TPG Growth and TR Capital. The round has valued the company at around $3 billion.
"We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, and at the same time continue to power the credit and commerce needs of our offline merchant partners,” said B Amrish Rau, CEO of Pine Labs.
Last month, it acquired Southeast Asia-based fintech platform Fave for $45 million (Rs 337 crore). In July 2020, Pine Labs had made a strategic investment in Fave.
Pine Labs previously acquired QwikCilver in 2019 for which it raised additional capital from investor Actis Advisors.
Pine Labs was founded in 1998 by Rajul Garg, who quit the company in 2003. The payments company was then taken over by Lokvir Kapoor, currently the firm's chairman.
Initially, it focused on large-scale smart card-based payments and loyalty solutions for Indian metro companies before shifting to its current business model.
Amrish Rau, co-founder of Citrus Pay, joined as chief executive officer of Pine Labs last year.
In December last year, Pine Labs raised funding from US-based investment firm Lone Pine Capital in a new round that took its valuation to more than $2 billion (Rs 14,740 crore).
In January last year, Pine Labs raised capital from Mastercard Inc that propelled the company into the unicorn club of technology startups that have a valuation of at least $1 billion.
Previously, it raised funding from Sequoia Capital, Temasek and Paypal.
