Pine Labs
This article contains content that is written like an advertisement. (June 2021) |
Industry | Fintech |
---|---|
Founded | 1998 |
Founder | Lokvir Kapoor Rajul Garg Tarun Upaday |
Headquarters | |
Area served | India, Middle East, Southeast Asia |
Key people | Lokvir Kapoor Executive Chairman B.Amrish Rau Chief Executive Officer |
Products | myPlutus app, Plutus Smart |
Services | Instant EMI, Instant Discounts, Cashback Programs, PaybyPoints, Loyalty Solutions, eWallet, Targeted Promotions, Dynamic Currency Conversion and Gift Solution |
Revenue | $173 Million[1] (2018) |
Subsidiaries | Qwikcilver Solutions Pvt Ltd. |
Website | www |
Pine Labs is an Indian merchant platform company that provides financing and last-mile retail transaction technology, founded in 1998. It is one of the unicorn companies, with a valuation of over US$3.5 billion.[2][3]
It provides a merchant platform and makes software for point of sale (PoS) machines.[4] The company has more than 70,000 retailers across India, including major retail outlets such as Mark's and Spencer's Retail, Pantaloons, Shoppers Stop and Westside.[5] It has a presence in India and Malaysia and other parts of Asia.[6]
Some of its investors include LonePine, PayPal, Temasek, Actis Capital, Altimeter Capital, Sofina and Sequoia Capital.
History[]
The company was founded in 1998.[citation needed] The company evolved from a petroleum automation retail solutions player to becoming a payments products and services firm for merchants. It has over 100,000 merchants in India and other Asian countries. Pine Labs platform powers over 350,000 PoS terminals in India.[7]
In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.[citation needed]
The company acquired a gifting startup Qwikcilver for $110 million in March 2019.[8][9][4]
In February 2019, the company partnered with RAKBANK to launch a payment platform in the UAE. In March 2018, Google Pay came into partnership with Pine Labs to capture the offline payments space in India.[10][11] The company was partnered with UnionPay in January 2019.[12]
In April 2021, Pine Labs acquired Southeast Asian deals and cash-back platform Fave for $45 million.[13] Fave's co-founders Joel Neoh, Yeoh Chen Chow, and Arzumy MD will continue working in the company to expand its presence across Southeast Asia and India.[14]
Funding[]
In May 2018, Pine Labs raised $125 million (₹ 843 crores) from Temasek Holdings and PayPal, making it one of the unicorn startup companies with a valuation of over $1 billion.[15][16]
In March 2018, the company raised $82 million (₹ 530 crores) from Actis Capital, a private equity fund and Altimeter Capital, a California-based investment company.[17] It had also raised funds in 2015 from Sofina and in 2009 from Sequoia Capital.[18][3] As of May 2018, It has raised a total of $208 million.[15]
In May 2019, the company was listed among the top 10 highest-funded startups in India by CNBC TV18.[6]
In Jan 2020, the company announced it had raised an undisclosed sum from Mastercard .[19]
In December 2020, Pine Labs raised US$75-$100 million led by US based billionaire Stephen Mandel's hedge fund Lone Pine Capital. After this funding Pine Labs valuation increased to more than US$2 billion.
In July 2021, the firm raised $325 million at a valuation of $3.5 billion from Fidelity and Blackrock.[20]
Products and services[]
The company provides mobile point of sale (PoS) solutions that allow merchants to accept credit and debit card payments. Some of the offerings of Pine Labs include Instant EMI, Instant Discounts, Cashback Programs, PaybyPoints, Loyalty Solutions, eWallet, Targeted Promotions, Dynamic Currency Conversion and Gift Solution.[21][22][23][24]
See also[]
- Assignment of copyright in software under Indian Copyright Act
- Copyright law of India
- List of unicorn startup companies
References[]
- ^ Khatri, Bhumika (1 November 2018). "Pine Labs Makes It Back To Loss Gang For FY18 With 64.6% Increase In Expenses". inc42.com.
- ^ Agarwal, Meha (28 January 2019). "The Indian Startups That Turned Unicorn In 2018". Inc42.com.
- ^ Jump up to: a b "Striking gold: A look at India's growing club of Unicorns". The Economic Times. 29 June 2018.
- ^ Jump up to: a b Arakali, Harichandan (19 March 2019). "Singapore's Pine Labs acquires gift card tech company Qwikcilver in $110 million deal". Forbes India.
- ^ Gooptu, Biswarup; Bhakta, Pratik (28 August 2017). "Season may be right for Sequoia to exit Pine Labs". The Economic Times.
- ^ Jump up to: a b "Here are the top 10 highest-funded startups in India". CNBC TV18. 29 May 2019.
- ^ Abrar, Peerzada; Mishra, Bibhu Ranjan (12 June 2019). "Pine Labs gears up for next phase of growth, plans to foray into new mkts". Business Standard.
- ^ Bhakta, Pratik (20 March 2019). "Pine Labs acquires gifting startup Qwikcilver". The Economic Times.
- ^ "Why Pine Labs is acquiring Qwikcilver". The Economic Times. 26 February 2019.
- ^ Soni, Yatti (28 March 2018). "Google Pay Partners With Pine Labs To Capture Offline Payments Space In India". Inc42.com.
- ^ "Google Pay looks beyond UPI, card payments in the works". The Economic Times. 10 May 2019.
- ^ "UnionPay acceptance coverage in India continues to increase". Unionpayintl. 10 January 2019.
- ^ "Pine Labs has just bought Fave for $45 million". Entrepreneurship News, Community, and Resources | BEAMSTART. Retrieved 13 April 2021.
- ^ "Pine Labs acquires Southeast Asian startup Fave for $45 million". TechCrunch. Retrieved 13 April 2021.
- ^ Jump up to: a b Russel, John (31 May 2018). "PayPal and Singapore's Temasek invest $125M in Indian payment startup Pine Labs". TechCrunch.
- ^ "India's Pine Labs Racks Up $125 Million". The Wall Street Journal. 31 May 2018.
- ^ Bhakta, Pratik (13 March 2018). "Actis, Altimeter put $82 million in Pine Labs to grow roots". The Economic Times.
- ^ Alexander, George Smith (13 March 2015). "Sequoia's Pine Labs Said to Seek Funding at $1 Billion Valuation". Bloomberg News.
- ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 27 February 2020.
- ^ Manikandan, Ashwin. "Pine Labs gets funding at $3.5-billion valuation ahead of US IPO". The Economic Times. Retrieved 16 September 2021.
- ^ "Pine Labs brings digital payment innovations to the MENA Region". Dubai: Saudi Gazette. 18 March 2018.
- ^ "Pine Labs revenues grow 55% to ₹302 crore, while slipping into loss, in FY18". Theindianwire.com. 31 October 2018.
- ^ Shaikh, Shadma (19 November 2015). "Use reward points, don't lose them". Asian Age.
- ^ Gupta, Soumya (7 February 2017). "'Soon To Be Unicorns' : India's Top 40+". BusinessWorld.
External links[]
- Companies based in Noida
- Companies established in 1998
- Technology companies of India
- Indian companies established in 1998
- Payment service providers
- Privately held companies of India
- Online payments
- Mobile payments in India
- 1998 establishments in Uttar Pradesh