Active Stocks
Fri May 24 2024 15:59:27
  1. Tata Steel share price
  2. 174.80 -0.37%
  1. NTPC share price
  2. 374.85 0.68%
  1. State Bank Of India share price
  2. 828.60 -0.45%
  1. ITC share price
  2. 436.10 -1.16%
  1. Power Grid Corporation Of India share price
  2. 318.50 -0.39%
Business News/ Companies / Pine Labs raises $125 million from Temasek, PayPal
BackBack

Pine Labs raises $125 million from Temasek, PayPal

Pine Labs, backed by Sequoia Capital and Actis, says Temasek and PayPal acquires minority stakes in the company, investing a total of $125 million

Pine Labs processes transactions worth $15 billion (annualized) on a base of 300,000 payments acceptance points.Premium
Pine Labs processes transactions worth $15 billion (annualized) on a base of 300,000 payments acceptance points.

Mumbai: Pine Labs, a digital retail payments platform backed by Sequoia Capital and Actis, on Thursday announced that Singapore’s Temasek Holdings Pvt. Ltd and digital payments company PayPal Holdings Inc. have acquired minority stakes in the company, investing a total of $125 million.

Pine Labs offers a cloud-based point-of-sale (PoS) payments solutions, allowing merchants to accept credit or debit card payments, as well as latest methods such as e-wallets, QR code payment solutions and unified payments interface (UPI)-based solutions.

The investment from Temasek and PayPal follows a $82 million investment round in March by UK-based Actis and Altimeter Capital. Mint had reported on 6 May that Temasek was in talks to invest in Pine Labs.

“We’re teaming up with Temasek and PayPal at a time when the Indian payments market is at an inflexion point," said Lokvir Kapoor, founder of Pine Labs.

Pine Labs is a leader in the offline payments space, a position that is critical in enabling the ecosystem of online payment products, he said. “The investments will help us move a step closer to our vision for building a world-class merchant-centric payments ecosystem," said Kapoor.

Temasek, with its deep network in many Asian markets and extensive knowledge of financial services companies, is a great partner for Pine Labs as it ramps up its regional expansion, said Pine Labs in a statement.

With the company expanding its product suite, building new layers of services for merchants, banks and other communities in the payment ecosystem, PayPal’s global presence and strong product expertise make them an invaluable ally, the statement added.

Pine Labs claims it processes transactions worth $15 billion (annualized) on a base of 300,000 payments acceptance points.

“This positions us as a critical and strategically important player in the offline-online convergence in India. Pine is also on track to originate over $1 billion of instant loans at point-of-sale terminals for card issuers and partner NBFCs this fiscal year, demonstrating the power and utility of our payments platform," said Vicky Bindra, chief executive of Pine Labs.

Pine Labs is used by over 65,000 merchants across India’s retail, e-commerce, electronics, food and beverage, fashion, financial, pharmacy, telecom and airlines industries. The company aims to reach 1 million payment acceptance points in India in the next three to five years.

Sequoia India, which first invested in Pine Labs in 2009, remains the company’s largest shareholder.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

ABOUT THE AUTHOR
Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 31 May 2018, 11:28 AM IST
Next Story footLogo
Recommended For You