Payment solutions provider, Pine Labs Pvt Ltd., has raised an additional $20 million (Rs.150 crore) in a new investment from the State Bank of India (SBI).

Pine Labs says that it will invest the new funds in scaling Plural its newly launched brand of online payment products, as it aims to become an omnichannel partner of choice for merchants.

B. Amrish Rau, CEO ,Pine Labs says, “we are thrilled to have the largest bank of India, the State Bank of India, place their trust in us and welcome them in this journey where we are empowering merchants with seamless and secure payment experiences across offline and online platforms. In the last year, several marquee investors have placed their trust in our business model and growth momentum and that is a gratifying feeling. This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI.”

Last year, Pine Lab raised a total of $600 million from US-based asset management firm, Fidelity, Blackrock and others, followed by a $100 million fundraise from a US-based Invesco Developing Markets Fund.

Pine Labs have recently announced about expanding their ‘buy now pay later’ (BNPL) service across India and Southeast Asia. The firm’s other investors include Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard.

In May 2021, the company has raised tranche of $285 million from a clutch of reputed public market-focused cross-over funds, bringing the valuation to around $3 billion then. In August 2021, Pine Labs appointed in CRED founder Kunal Shah on company’s board.

Rajul Garg had found Pine Labs in 1998 but left the firm in 2003. Lokvir Kapoor, the company's current chairman, took over the payments company. Before stepping in to the present business strategy, firm concentrated on large-scale smart card-based payments and loyalty solutions for Indian metro enterprises.