Payment solutions firm Pine Labs nabs $102m from Singapore parent

Photo: Reuters

Point-of-sale (POS) payment solutions company Pine Labs has secured Rs 707 (about $102 million) crore in fresh infusion from its Singapore-headquartered parent Pine Labs Pte Ltd, shows the company’s filings with the Registrar of Companies (RoC).

As part of the investment, the parent company has been allotted 2,35,78,605 equity shares of face value of Rs1 each issued at a premium of Rs299.

Quoting a company spokesperson, a PTI report said that the funds were used for the acquisition of Bengaluru-based e-gifting platform Qwikcilver.

In March, Pine Labs has announced the acquisition of QwikCilver in a $110-million deal. The transaction also marked the exit of Sistema Asia Fund (SAF), the venture capital fund floated by Russian conglomerate Sistema PJSFC, from QwikCilver.

Founded in 1998, Pine Labs offers cloud-based point-of-sale payments solutions that allow merchants to accept credit and debit card payments besides transactions using e-wallets, QR codes and the unified payments interface (UPI).

The company raised $125 million from Temasek and PayPal last May. Prior to that, Pine Labs had raised $82 million from private equity fund Actis and California-based investment company Altimeter Capital.

Mint reported in February that Pine Labs was in talks to raise about $75 million from its existing investors, including Temasek and PayPal, at a valuation of $1.2-1.4 billion.