Pine Labs, an IPO-bound start-up focussed on payments and a leading merchant commerce platform, has secured a $150-million investment from Alpha Wave Venture.

The latest fund-raise, which is a mix of primary and secondary funding, has come at a valuation of little over $6 billion, it is learnt. 

This investment also comes 10 days after Pine Labs acquired Mumbai-based online payment start-up, Qfix Infocomm. 

SBI investment

It maybe recalled that State Bank of India (SBI) had recently invested $20 million in Pine Labs. 

Earlier in 2021, Pine Labs had raised a total round size of $600 million from a marquee set of new investors and followed it up with a $100-million fundraise in September 2021 from US-based Invesco Developing Markets Fund. After the September fund-raise, Pine Labs was reportedly valued at $3.5 billion.

Confirming the fund raise from Alpha Wave, Pine Labs CEO Amrish Rau, said :”We are happy to bring a marquee investor on board. Our Omni Channel strategy is showing strong revenue growth. We are also seeing strong growth in international markets.”

Pine Labs has already received the first tranche of $ 75 million from Alpha Wave, regulatory filings made by the company in Singapore showed. 

Noida-based Pine Labs counts Sequoia Capital, Temasek Holdings, PayPal and Mastercard among its backers. It offers payments terminals, invoicing tools and working capital to over 2 lakh merchants across Asia and West Asia.

Pine Labs, which is looking to list in the US this year, is also expanding its Buy Now Pay Later (BNPL) business — which it entered in January 2021 — across India and South-East Asia. The company had entered the consumer payment space with its April 2021 acquisition of Fave, one of South-East Asia’s leading consumer fintech platform.

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