Company:Pine Labs

From HandWiki
Short description: Indian merchant platform company

Pine Labs Pvt. Ltd.
IndustryFintech
Founded1998; 26 years ago (1998)
FounderLokvir Kapoor
Rajul Garg
Headquarters
Noida, Uttar Pradesh
,
India
Area served
India , Middle East, Southeast Asia
Key people
Lokvir Kapoor (Executive chairman)
B.Amrish Rau (CEO)
ProductsmyPlutus app, Plutus Smart, Pine Labs Genie,[1] Plural
RevenueIncrease ₹1,588 crore (US$220 million) (FY23)[2]
Increase ₹−227 crore (US$−32 million) (FY23)[2]
SubsidiariesQwikcilver Solutions Pvt Ltd.
Websitepinelabs.com

Pine Labs is an Indian company that provides financing and retail transaction technology. Founded in 1998, it is a unicorn startup, with a valuation of over US$5 billion.[3]

The company makes Android-based point of sale (PoS) machines.[4] and has more than 70,000 retailers across India, including major retail outlets such as Spencer's Retail, Pantaloons, Shoppers Stop, and Westside.[5] It also has a presence in India , 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.[7] The company evolved from petroleum retail automation to becoming a payments products and services firm for merchants. It has over 100,000 merchants in India and other Asian countries. Pine Labs has sold over 850,000 PoS terminals in India.[8]

In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.[9]

The company acquired a gifting startup Qwikcilver for $110 million in March 2019.[10][11][12]

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.[13][14] The company partnered with UnionPay in January 2019.[15]

In April 2021, Pine Labs acquired Southeast Asian deals and cash-back platform Fave for $45 million.[16] 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.[17]

In August, 2021 the company suffered a data breach exposing the data of up to 500,000 of its users to hackers.[18]

In January 2022, Pine Labs filed confidentially for an initial public offering (IPO) with the U.S. Securities and Exchange Commission seeking to raise about $500 million later that year at a valuation of $5.5 – 7 billion.[19]

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.[20][21]

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.[22] It had also raised funds in 2015 from Sofina and in 2009 from Sequoia Capital.[23][24] As of May 2018, It has raised a total of $208 million.[20]

In May 2019, it was listed among the top 10 highest-funded startups in India by CNBC TV18.[6] In Jan 2020, it announced it had raised an undisclosed sum from Mastercard .[25] In December 2020, it 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, it raised $325 million at a valuation of $3.5 billion from Fidelity and Blackrock.[26]

Products and services

The company provides mobile devices that allow merchants to accept credit and debit card payments.[27][28][29][30]

See also

  • List of unicorn startup companies

References

  1. ↑ Pine Labs Genie, https://queuebuster.co/genie 
  2. ↑ 2.0 2.1 "Pine Labs logs revenue of Rs 1,600 crore, trims losses in FY23" (in en). Financial Express. 30 December 2023. https://www.financialexpress.com/business/pine-labs-logs-revenue-of-rs-1600-crore-trims-losses-in-fy23-3351068/. 
  3. ↑ Upadhaya, Harsh (18 February 2022). "Pine Labs raises $150 Mn from Alpha Wave at $5 Bn valuation". entrackr.com. https://entrackr.com/2022/02/pine-labs-raises-150-mn-from-alpha-wave-at-5-bn-valuation/. 
  4. ↑ https://www.livemint.com/companies/news/pine-labs-plans-to-deploy-1-5-lakh-android-pos-devices-by-next-fiscal-11582462971021.html
  5. ↑ Gooptu, Biswarup; Bhakta, Pratik (28 August 2017). "Season may be right for Sequoia to exit Pine Labs". The Economic Times. https://economictimes.indiatimes.com/small-biz/startups/season-may-be-right-for-sequoia-to-exit-pine-labs/articleshow/60251923.cms. 
  6. ↑ 6.0 6.1 "Here are the top 10 highest-funded startups in India". CNBC TV18. 29 May 2019. https://www.cnbctv18.com/photos/startup/oyo-byjus-among-the-top-funded-startups-in-india-3503811-2.htm. 
  7. ↑ "Indian fintech firm Pine Labs confidentially files for U.S. IPO" (in en-IN). The Hindu. 2022-01-10. ISSN 0971-751X. https://www.thehindu.com/sci-tech/technology/indian-fintech-firm-pine-labs-confidentially-files-for-us-ipo/article38216927.ece. 
  8. ↑ 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. https://www.business-standard.com/article/companies/pine-labs-gears-up-for-next-phase-of-growth-plans-to-foray-into-new-mkts-119061200040_1.html. 
  9. ↑ Tyagi, Gaurav (2019-07-30). "Pine Labs secures Rs 707 Cr from Singapore-based parent company" (in en-US). https://entrackr.com/2019/07/pine-labs-rs-707-cr-singapore-parent/. 
  10. ↑ Bhakta, Pratik (20 March 2019). "Pine Labs acquires gifting startup Qwikcilver". The Economic Times. https://tech.economictimes.indiatimes.com/news/startups/pine-labs-acquires-gifting-startup-qwikcilver/68484948. 
  11. ↑ "Why Pine Labs is acquiring Qwikcilver". The Economic Times. 26 February 2019. https://tech.economictimes.indiatimes.com/news/startups/why-pine-labs-is-acquiring-qwikcilver/68170511. 
  12. ↑ Arakali, Harichandan (19 March 2019). "Singapore's Pine Labs acquires gift card tech company Qwikcilver in $110 million deal". Forbes India. http://www.forbesindia.com/article/special/singapores-pine-labs-acquires-gift-card-tech-company-qwikcilver-in-$110-million-deal/52841/1. 
  13. ↑ Soni, Yatti (28 March 2018). "Google Pay Partners With Pine Labs To Capture Offline Payments Space In India". Inc42.com. https://inc42.com/buzz/google-pay-partners-with-pine-labs-to-capture-offline-payments-space-in-india/. 
  14. ↑ "Google Pay looks beyond UPI, card payments in the works". The Economic Times. 10 May 2019. https://tech.economictimes.indiatimes.com/news/internet/google-pay-to-allow-users-to-pay-via-debit-and-credit-cards/69258604. 
  15. ↑ "UnionPay acceptance coverage in India continues to increase". Unionpayintl. 10 January 2019. https://www.unionpayintl.com/en/mediaCenter/newsCenter/companyNews/4850.shtml. 
  16. ↑ "Pine Labs has just bought Fave for $45 million" (in en). https://beamstart.com/content/129665/pine-labs-buys-fave. 
  17. ↑ "Pine Labs acquires Southeast Asian startup Fave for $45 million" (in en-US). 13 April 2021. https://social.techcrunch.com/2021/04/13/pine-labs-acquires-southeast-asian-startup-fave-for-45-million/. 
  18. ↑ Ghosh, Debangana (17 August 2021). "Data breach at Pine Labs exposes 500,000 records" (in en). https://www.thehindubusinessline.com/info-tech/data-breach-at-pine-labs-exposes-500000-records/article35962296.ece. 
  19. ↑ "Fintech startup Pine Labs to seek $500 million in US IPO". The Economic Times. 10 January 2022. https://economictimes.indiatimes.com/markets/ipos/fpos/fintech-startup-pine-labs-to-seek-500-million-in-us-ipo/articleshow/88805186.cms. 
  20. ↑ 20.0 20.1 Russel, John (31 May 2018). "PayPal and Singapore's Temasek invest $125M in Indian payment startup Pine Labs". TechCrunch. https://techcrunch.com/2018/05/31/paypal-temasek-pine-labs/. 
  21. ↑ "India's Pine Labs Racks Up $125 Million". The Wall Street Journal. 31 May 2018. https://www.wsj.com/articles/indias-pine-labs-racks-up-125-million-1527774004. 
  22. ↑ Bhakta, Pratik (13 March 2018). "Actis, Altimeter put $82 million in Pine Labs to grow roots". The Economic Times. https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/actis-altimeter-put-82-million-in-pine-labs-to-grow-roots/articleshow/63278387.cms. 
  23. ↑ Alexander, George Smith (13 March 2015). "Sequoia's Pine Labs Said to Seek Funding at $1 Billion Valuation". Bloomberg News. https://www.bloomberg.com/news/articles/2015-03-13/sequoia-s-pine-labs-said-to-seek-funding-at-1-billion-valuation. 
  24. ↑ "Striking gold: A look at India's growing club of Unicorns". The Economic Times. 29 June 2018. https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/in-the-land-of-unicorns/articleshow/64787658.cms. 
  25. ↑ "Tech in Asia - Connecting Asia's startup ecosystem" (in en-US). https://www.techinasia.com/mastercard-invests-pine-labs. 
  26. ↑ Manikandan, Ashwin. "Pine Labs gets funding at $3.5-billion valuation ahead of US IPO". The Economic Times. https://economictimes.indiatimes.com/tech/funding/fidelity-blackrock-lead-pine-labs-600-million-funding-ahead-of-ipo/articleshow/84161757.cms. 
  27. ↑ "Pine Labs brings digital payment innovations to the MENA Region". Dubai: Saudi Gazette. 18 March 2018. http://saudigazette.com.sa/article/530742/BUSINESS/Pine-Labs-brings-digital-payment-innovations-to-the-MENA-Region. 
  28. ↑ "Pine Labs revenues grow 55% to ₹302 crore, while slipping into loss, in FY18". Theindianwire.com. 31 October 2018. https://www.theindianwire.com/startups/pine-labs-revenues-%E2%82%B9302-crore-fy18-80009/. 
  29. ↑ Shaikh, Shadma (19 November 2015). "Use reward points, don't lose them". Asian Age. https://www.asianage.com/technomics/use-reward-points-don-t-lose-them-120. 
  30. ↑ Gupta, Soumya (7 February 2017). "'Soon To Be Unicorns' : India's Top 40+". BusinessWorld. http://bwdisrupt.businessworld.in/article/-Soon-To-Be-Unicorns-India-s-Top-40-/07-02-2017-112555/. 

List of Top 10 Fintech Companies In India 2022-23 by CEO Review Magazine



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