Roehl Niño Bautista · · 1 min readIndian fintech unicorn Pine Labs gets $50m from UK investment firm
Indian unicorn Pine Labs has secured US$50 million in investment from London-based Vitruvian Partners.
Photo credit: Pine Labs
Pine Labs offers payment services for the in-store and online channels of merchants. It also provides analytics and enables loyalty, rewards, and cashback features for customer engagement.
It is now looking at new markets for its buy now, pay later services in Southeast Asia, said Amrish Rau, the firm’s CEO.
Pine Labs was founded by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay in 1998. It recently got US$150 million from Alpha Wave Global and is also planning a US$500 million raise through a US listing.
“Our investment in Pine Labs follows several investments we have made into the digital payments space, and we’re excited to partner with the management team as they continue to drive digital transformation within the rapidly growing Indian payments market,” said Peter Read, partner at Vitruvian Partners. The investment firm has put money behind Wise (previously TransferWise), Callcredit, and US-based Marqueta.
See also: The leading Asian tech players eyeing an IPO in 2022 and beyond
Editing by Miguel Cordon and Jaclyn Tiu
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