Pine Labs investment boosts Mosambee’s valuation to $100m

India-based merchant platform Pine Labs has made a “significant majority investment” into Mosambee, a local end-to-end payment solution provider.

Photo credit: Pine Labs

The investment has boosted Mosambee’s valuation to over US$100 million. Pine Labs did not disclose the details of the funding, but says that the startup’s leadership team will continue to operate independently.

With this investment, Mosambee will benefit from Pine Labs’ extensive reach and portfolio companies, according to Mosambee co-founder Sameer Chugh.

As of March, Pine Labs had more than 250,000 merchant partners across over 675,000 network touchpoints in India and Southeast Asia. The company said it leads the offline pay-later segment in India.

Pine Labs also has 80 business utility apps where merchants can manage their in-store operations, such as invoicing, inventory management, and GST compliance (the Indian government’s rating assessment against businesses based on their tax records).

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The development follows Pine Labs securing US$50 million in investment from London-based Vitruvian Partners and US$150 million from Alpha Wave Global. It’s also eyeing a US$500 million raise through a US listing.