B2B Fintech startup Pine Labs, which offers POS solutions to merchants, has witnessed fresh bump up in its valuation following fresh capital infusion. The startup on Monday announced that it has raised undisclosed amount of funding from Lone Pine.
Pine Labs is currently India’s third-largest Fintech startup following Paytm and PhonePe. It is also one of the few fintech startups that count both Masterpay and PayPal as its co-investors.
Pine Labs Co-founder and CEO Amrish Rau made the announcement about Pine Labs’ latest funding on his official Twitter.
“We are thrilled to welcome Lone Pine as an investor during the exciting and transformative phase of Pine Labs’ growth journey, commented B. Amrish Rau, CEO Pine Labs. “Small businesses and consumers are adopting to digital commerce and contactless checkout. We’re also seeing tremendous uptake in pay later services and have now enabled 150,000 outlets for this. It is time to invest heavily in offline and online commerce across India and South East Asia.”
Mala Gaonkar, Managing Director Lone Pine, said “we’re excited to partner with Pine Labs as they innovate at scale in the payment and merchant commerce space, benefitting consumers, merchants and financial institutions,” said Mala Gaonkar, MD Lone Pine said.
Pine Labs was recently in news for making a strategic investment in Singapore-based digital platform QR payment startup Fave. Fave and Pine Labs have a common investor in the form of Sequoia. Through this investment, Pine Labs is seeking to consolidate its position in the critical Southeast Asian market.
The Noida-based startup was also recently in news for hiring Nitish Asthana as the new COO & President.
Pine Labs competes with many well-funded startups including Mswipe and Razorpay, with the latter having recently raised $100 Mn to become the latest unicorn startup in India.