India’s Pine Labs raises $50m from Vitruvian Partners to drive growth
Indian merchant commerce platform Pine Labs has announced a new investment of $50 million from Vitruvian Partners, a London-headquartered international investment firm.
Pine Labs raises $50m from Vitruvian Partners
The raise comes hot on the heels of a $150 million investment in February from US asset management firm Alpha Wave Global, which took the valuation of the Bangalore-based firm to over $5 billion.
The company is also backed by Sequoia Capital, PayPal and Mastercard, among others.
Pine Labs CEO Amrish Rau says that the company aims to use the new funds to “further strengthen” its recent foray into online payments via Plural and take its buy now, pay later (BNPL) offering to new markets through strategic collaborations.
Vitruvian Partners has previously invested in names such as Just Eat, Farfetch, Trustpilot, Wise and Skyscanner.
Pine Labs serves large, mid-sized and small merchants across India and Southeast Asia. The company’s cloud-based software platform enables it to offer payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management.
The company closed a $600 million funding round in July last year before receiving a further $100 million in capital from US firm Invesco Developing Markets Fund in September.
