Temasek-backed Indian fintech firm Pine Labs eyes IPO in a year, says CEO

Visual from Pine Labs website

Indian fintech firm Pine Labs is considering an initial public offering in as little as a year, its chief executive said on Thursday, as the company made a foray into the online payments space that it sees as a multi-billion dollar opportunity.

Pine Labs, which counts venture firm Sequoia Capital, Singapore state investor Temasek, and U.S. firms PayPal and Mastercard among its backers, offers services and tools such as inventory management and payment terminals to merchants across Asia and the Middle East.

The company, headquartered on the outskirts of New Delhi, was valued at $3.5 billion after its closed a $600 million funding round in July.

“We are at a stage where we will want to look at an IPO option in the next 12 months’ time,” CEO Amrish Rau told Reuters in a virtual interview, declining to specify whether the company would list overseas and the valuation it was eyeing.

Indian stock markets have hit an all-time high this year, which has seen many tech startups vying to list publicly. Food delivery firm Zomato kicked off the startup listing boom earlier this year, while several others are preparing for an IPO.

On Thursday, Pine Labs launched three online products, including a payments gateway and a software development kit for smartphones under the name ‘Plural’.

“In the next 18 months time I see this (online business) to be a $25 billion opportunity (annually) just for Pine Labs,” Rau said.

“We have an opportunity where we can potentially double our volumes in the next two-and-a-half years’ time.”

Pine Labs‘ payments business, which sells to sectors including hospitality, telecoms and electronics, clocks up to $35 billion in revenues annually.

The company was founded by three engineers in 1998 to provide retail automation solutions to petroleum companies. It widened its payments services to merchants in the early 2000s.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.