Merchant commerce platform, Pine Labs on Monday, raised a fresh round of funding from Lone Capital (Lone Pine). With this investment, Pine Labs is now valued at over $2 billion.
Speaking on the fundraise, B. Amrish Rau, CEO of Pine Labs, said, “We are thrilled to welcome Lone Pine as an investor during this exciting and transformative phase of Pine Labs’ growth journey.”
“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,” Rau added.
Commenting on the investment in Pine Labs, Mala Gaonkar, Portfolio Manager and Managing Director at Lone Pine, said, “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.”
“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,” Mala added.
Lone Pine’s investment follows the strategic investment made by Mastercard in January 2020, when Pine Labs attained unicorn status.
Earlier in December, Pine Labs and Mastercard jointly announced that they will expand their integrated “pay later” solution to five southeast Asian markets early next year.