CIO Insider

CIOInsider India Magazine

Separator

Vitruvian Partners Invests $50 Million in Pine Labs

CIO Insider Team | Tuesday, 29 March, 2022
Separator

Digital payments and financial service provider Pine Labs has closed another $50 million in funding from London’s private equity major Vitruvian Partners at a valuation of over five billion, according to reports.

This includes a $15 million Esop (employee stock ownership program) buyback at the Noida and Singapore-based firm ahead of its planned IPO (initial public offering) in the US.

Last month, company had closed a $150 million financing from Alpha Wave Global which also included a secondary share sale. The company led by fintech veteran Amrish Rau was valued at over $5 billion posts this funding.

As per reports, Vitruvian Partners had participated in edtech major Byju’s $800-million funding earlier this month.

Besides, top startup entrepreneurs like Unacademy’s Gaurav Munjal, MPL’s Sai Srinivas Kiran G, Swiggy’s Sriharsha Majety, and Dream11’s Harsh Jain have also invested in Pine Labs.

In a secondary transaction, existing investors sell their shares to new investors and the money does not go to company coffers.

Pine Labs, which filed for a confidential IPO filing in the US in January this year, has had to postpone its IPO plans to the second half of the current year owing to the rout in global markets.
Pine Labs is looking to raise around $500 million from the public markets, at a valuation of $6-7 billion.

Pine Labs also made its foray in the payment gateway segment with the launch of Plural for direct-to-consumer businesses

The recent volatility in the public markets owing to the Russia-Ukraine crisis as well as a global slowdown in technology stocks has spooked public market investors, and caused several Indian startups including the likes of Delhivery, Mobikwik and others to push their IPO plans.

Pine Labs also made its foray in the payment gateway segment with the launch of Plural for direct-to-consumer businesses.

During the company’s last fundraise in February, Rau had also said the company is seeing sharp growth from international markets, and will continue to focus on expansion.

Current Issue
VKRAFT Software Services: Pioneering Innovation In Integration & Beyond