Fintech major Pine Labs announced on Tuesday that it has added an additional $315 Mn in the ongoing funding round. Subsequently, the unicorn fintech major has closed the ongoing funding round at $600 Mn. The latest funding tranche, like its previous funding round, was funded by scores of crossover and international investors. Fidelity management, Black Rock and Tee Line were some of the prominent cross-over investors to participate in the latest funding tranche.
Pine Labs has kept mum on the post-funding valuation but the startup’s current valuation is believed to be hovering around $3.5 Bn. The latest funding tranche, unlike the previous tranche that was raised in May, may not have any secondary component.
But the biggest announcement made by Pine Labs CEO Amrish Rau is that it is aiming for an IPO listing. However, the bigger announcement is that it isn’t aiming for a domestic listing but the US listing. Rau claims that a global company like Pine Labs deserves a global IPO listing. He has informed several media houses that Pine Labs is looking to list in the US market in the next 18 months.
If the US listing does materialize then it will become the first Indian unicorn to list on the U.S markets. Besides, it will become the first Indian fintech startup to achieve this milestone.
Pine labs was also recently in news for its first-ever international acquisition, acquiring Southeast Asian firm Fave for $45 Mn. In all probability, this acquisition was a stock and cash deal.
Pine labs essentially sell POS machines and offer various online payment solutions to merchants.
The startup had earned an operating revenue of INR 701 Cr in FY 20. Its overall net loss for the same fiscal period stood at around INR 57.72 Cr.