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Roehl Niño Bautista · · 1 min readSequoia earns nearly $230m in partial sale of Pine Labs shares
“In the latest deal, Sequoia has offloaded 92,023 ordinary and 512,232 preference shares in Pine Labs to seven investors in a secondary transaction during July 2021,” reported Entrackr, citing the company’s filings.
Details:
- Sequoia’s offloaded shares are valued at between US$225 million to US$230 million, according to Fintrackr. Raffles, DBS Bank, Treeline Asia Master Fund, Neuberger Berman, BlackRock, Ishana Capital, and Citibank bought shares from the sale.
- Sequoia remains the biggest investor in Indian fintech firm Pine Labs, with a controlling stake of 25.7% of its shares. This is the venture capital firm’s third offloading of Pine Labs shares, said the report.
Dive deeper:
- Pine Labs reached a valuation of US$3 billion in May after securing US$285 million in a funding round. It banked another US$600 million in July and is eyeing a public listing in March next year.
- The firm also teamed up with Singapore-based Atome to offer buy now, pay later services in Malaysia after acquiring fintech firm Fave in a US$45 million deal. (Read: Fave’s investors are getting all their money back, says CEO)
Editing by Collin Furtado and Jaclyn Tiu
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