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Pine Labs, Noida-based digital retail payments platform, on Thursday announced that Temasek and PayPal Holdings Inc. have acquired minority stakes in the company for a combined $125 million.
“We’re teaming up with Temasek and PayPal at a time when the Indian payments market is at an inflexion point ,” said Lokvir Kapoor, Founder of Pine Labs. “ The investments will help us move a step closer to our vision for building a world-class merchant-centric payments ecosystem.”
Sequoia India, which first invested in Pine Labs in 2009, remains the company’s largest shareholder. In the last year, Pine Labs has added four valuable equity partners, including Actis and Altimeter, who have significant expertise in the global payments industry
Vicky Bindra, CEO of Pine Labs, said: “We are furthest ahead in this journey in India with an annualized GTV of $15 billion on a base of approximately 300,000 payments acceptance points. This positions us as a critical and strategically important player in the offline-online convergence in India. Pine is also on track to originate over $1 billion of instant loans at point-of-sale terminals for card issuers and partner NBFCs this fiscal year, demonstrating the power and utility of our payments platform. The investments from Temasek and PayPal will help accelerate Pine’s growth.”
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