Fintech startup Pine Labs seeks to raise $500 million in IPO: Report
- IBEF
- January 11, 2022
According to people familiar with the situation, Labs Pvt, an Asian digital payments company funded by Sequoia India and Mastercard Inc., is moving forward with preparations for a U.S. listing and hopes to raise approximately US$ 500 million.
According to the persons, the company has registered confidentially with the US Securities and Exchange Commission for an IPO in New York as early as the first half of this year. They declined to be identified since the subject is private but said the listing could give Pine Labs a worth of US$ 5.5 billion to US$ 7 billion.
Pine Labs is considering an IPO in 2022, according to Bloomberg News.
According to a release, the company, led by Chief Executive Officer Amrish Rau, secured nearly US$ 600 million in July from investors including Fidelity Management & Research Co. and BlackRock Inc. The company stated it planned to go public in 18 months and had been operationally successful for several years, which is unusual among India's young fintechs.
Rau estimated the startup's valuation at US$ 3 billion at the time, with solutions for in-store and online payments, as well as prepaid, loyalty, and "pay later" programmes.
In India, the Middle East, and Southeast Asia, Pine Labs services nearly 150,000 merchants. The company has grown organically as well as through acquisitions, such as consumer fintech platform Fave last year. Apple Inc., McDonald's Corp., and Starbucks Corp. are among the companies that use the digital payments gateway and commerce platform, which has its headquarters in India.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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