Digital payments and financial service provider Pine Labs has raised $50 million in funding from London’s private equity major Vitruvian Partners at a valuation of just over $5 billion.
Last month it has raised $150 million from Alpha Wave Global.
Earlier, top startup entrepreneurs like Gaurav Munjal of Unacademy, Sai Srinivas Kiran Ji of MPL, Sriharsha Majety of Swiggy, and Harsh Jain of Dream11 have also invested in Pine Labs.
Pine Labs, which filed a confidential IPO in the US in January this year, has had to postpone its IPO plans to the second half of the current year due to a slump in global markets.
Now the startup is planning to raise around $500 million from the public markets at a valuation of $6-7 billion.
“They (Pine Labs) are now targeting a public offering in the second half of 2022,” said a person familiar with its plans.
The recent volatility in the public markets due to the Russia-Ukraine crisis as well as the global slowdown in technology stocks has rattled public market investors and prompted several Indian startups such as Delhivery, MobiKwik, and others to go ahead with their IPO plans.
But Pine Labs is extending its deadline for international listings and is focusing on growth and entering new fintech segments.
Noida-based startup was founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upadhyay, Pine Labs provides a merchant platform that includes technology and financial solutions to help merchants increase their revenue, reduce the cost and complexity of running a business, and manage the risks involved.
During the last fundraising in February, Amrish Rau, CEO of Pine Lab, also said that the company is seeing strong growth from international markets and will continue to focus on expansion.