Pine Labs announces new investment from Lone Pine making its valuation exceed $2 billion – Business News , Firstpost

As of now, Pine Labs serves greater than 150,000 retailers in 3,700 cities throughout Asia and the Middle East.

Merchant commerce platform Pine Labs on 21 December introduced that it has raised contemporary funds in a new spherical of funding from Lone Pine Capital (Lone Pine). This investment takes the valuation of the corporate to over $2 billion now. Lone Pine’s investment follows the strategic investment made by Mastercard in January 2020, when Pine Labs attained unicorn standing. Earlier in December, Pine Labs and Mastercard collectively introduced that they’ll develop their built-in “pay later” answer to 5 South-East Asian markets early subsequent yr.

“We are thrilled to welcome Lone Pine as an investor during this exciting and transformative phase of Pine Labs’ growth journey,” commented B. Amrish Rau, CEO, Pine Labs. “Small businesses and consumers are fast adopting to digital commerce and contactless checkout. We are also seeing tremendous uptake in Pay Later services and have now enabled nearly 150,000 outlets for this. It’s time to invest heavily in offline and online commerce across India and SEA.”

“We are excited to partner with Pine Labs as they innovate at scale in the payments and merchant commerce space, benefiting consumers, merchants and financial institutions,” mentioned Mala Gaonkar, Portfolio Manager and Managing Director at Lone Pine. “The Pine Labs team is leveraging key structural changes taking place across payments and fintech globally, including the integration of software and payments at the point-of-sale, the digitization of small-to-medium enterprises, and the rapid adoption of buy-now-pay-later offerings. We look forward to the road ahead.”

As of now, Pine Labs serves greater than 150,000 retailers in 3,700 cities throughout Asia and the Middle East.

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