India’s Pine Labs secures $150m funding from Alpha Wave
Pine Labs has received a $150 million investment from US asset management firm Alpha Wave Global.
India’s Economic Times reports the cash injection is a mix of primary and secondary funding and takes the Bangalore-based merchant commerce platform’s valuation to more than $5 billion.
Confirming the investment on Twitter, Pine Labs CEO Amrish Rau says the company is “fortunate to build in the fintech space and [we] realise we have much to do”.
The fintech has previously seen investment from the likes of Sequoia Capital, Temasek Holdings, PayPal and Mastercard.
Pine Labs provides a cloud-based commerce platform offering payment acceptance and merchant commerce solutions, including enterprise automation systems such as inventory management and customer relationship management.
The Economic Times reported in January that Pine Labs filed an initial public offering (IPO) worth $500 million with the US Securities and Exchange Commission (SEC) and is seeking a valuation between $6 billion and $7 billion.