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US IPO-bound Pine Labs names Kunal Shah to its board

Pine Labs has been aggressively focusing on international expansion over the past year. It now plans to take its merchant offerings to West Asia by next year. (Photo: Mint)Premium
Pine Labs has been aggressively focusing on international expansion over the past year. It now plans to take its merchant offerings to West Asia by next year. (Photo: Mint)

  • Pine Labs announced the acquisition of Singapore and Malaysia-based loyalty startup, Fave in April. Through the acquisition, Pine Labs looks to introduce Fave in India and enter the growing consumer payments segment

BENGALURU: Digital payment service provider Pine Labs, which is preparing for its US-listing over the next 18 months, on Tuesday said it has appointed CRED founder Kunal Shah to the board of its company.

The appointment comes a month after the startup closed its latest round of funding at $600 million led by private equity majors--Fidelity Management and Research Co, BlackRock, Ishana, Tree Line--at a valuation to $3 billion. The company is expected to raise another round of funding before the end of this year as it prepares for its public debut, Mint had reported earlier.

“We are excited to welcome Kunal to our board. He joins a marquee set of investors, advisors, and other visionary board members who are all committed to take Pine Labs to newer heights. Kunal’s deep understanding of the consumer business will be invaluable to us as we explore new opportunities and step into our next phase of growth," said B. Amrish Rau, chief executive officer (CEO), Pine Labs.

Shah started digital payments platform Freecharge in 2010 and eventually sold it to e-commerce marketplace Snapdeal for $400 million in 2015, making it one of the largest acquisitions in the consumer internet space then.

Shah thereafter founded fintech startup Cred in 2018. He has also served as an advisor to the board of Bennett Coleman & Co. Ltd, and was the chairman of the Internet and Mobile Association of India (IAMAI) during 2016-2017.

He has also served as an advisor to various venture capital firms including Sequoia Capital India and worked as a part-time partner for US-based startup accelerator, Y Combinator. He has invested across more than 100 startups in areas of financial services and consumer internet.

“The pandemic has catalysed behaviour change among consumers, merchants, and institutions that will drive the fintech sector. Shaping this transformation for the benefit of all stakeholders is a collective responsibility. Pine Labs is a player in digital payments adoption and joining its board is an opportunity to contribute to the ecosystem," said Kunal Shah, founder, CRED.

Pine Labs has been aggressively focusing on international expansion over the past year. It now plans to take its merchant offerings to West Asia by next year.

“For Pine Labs, there is an expectation that over the course of the next two years, an initial public offering (IPO) should happen. We are still some time away from appointing bankers," said Rau in an interaction with Mint in July.

The company announced the acquisition of Singapore and Malaysia-based loyalty startup Fave in April. Through the acquisition, Pine Labs looks to introduce Fave in India and enter the growing consumer payments segment in the country.

It also looks to double down in the South-east Asian market with Fave acquisition.

The Paypal- and Temasek-backed company was looking to launch its integrated consumer ‘Buy Now Pay Later’ (BNPL) credit offering across five Southeast Asian markets through a partnership with card network major and investor Mastercard, this year.

Pine Labs had shortlisted Thailand, Philippines, Vietnam, Singapore and Indonesia as target markets for launch of its BNPL services. It also had plans to introduce prepaid vouchers and gift cards through its subsidiary Qwikcilver in these Asian countries.

At present, Pine Labs powers close to 1 billion online transactions every month, and expects this number will grow to almost 10 billion in 12 months.

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