Noida-based payment-tech startup Pine Labs is reportedly heading for an initial public offering (IPO) in the US, by 2022. The unicorn startup has begun early-stage discussions with at least four merchant bankers to work on its IPO, said a report by Times of India, citing its sources privy to the development.

According to a TOI report, the startup had already ‘sounded out banks like JP Morgan, Citi and Morgan Stanley’ for its IPO plans.

Pine Labs, which is one of Asia's leading merchant commerce platforms, is aiming for a valuation of $5 billion. In December 2020, the startup had raised an undisclosed amount of funding from Lone Pine Capital, which valued the company at over $2 billion. In 2018, the company had raised $125 million from Temasek and PayPal. In that funding, both Paypal and Temasek have had acquired minority stakes in Pine Labs.

Besides Pine Labs, other startups from India like Delhivery, Policybazaar, Zomato, and Nykaa, among others are also in IPO pipeline.

Pine Labs claims to process payments worth $30 billion per year and serves 150,000 merchants across its 450,000 network points in 3,700 cities. The startup also counts Reliance Retail, Air Asia, Future Retail, Jubilant Foodworks etc., as its customers.

Pine Labs has been one of the beneficiaries of the pandemic-induced acceleration in digital payments across India. Last year on the onset of COVID, Pine Labs launched Pine Labs Paper POS for its merchants. Pine Labs Paper POS is an all-in-one solution for accepting multiple forms of Unified Payments Interface (UPI) and Bharat QR payments through a single merged static QR at the point of sale.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.