IPO-bound Pine Labs raises $100M led by Invesco Developing Markets Fund

Noida-based merchant commerce platform Pine Labs today announced it has raised $100 million in a new funding round led by Invesco Developing Markets Fund, a US-based investment management company.

Prior to this, The merchant commerce platform had announced a total round size of US $600M in July 2021, with participation from marquee investors like Sequoia Capital, Temasek Holdings, Actis, PayPal, and Mastercard amongst other leading global investors.

Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadyay, Pine Labs was initially launched as card-based payments and loyalty solutions provider for the retail petroleum industry. Over the past few years, the company has transformed its business to other segments, providing a mobile point of sale solutions that allow merchants to accept credit and debit card payments. 

“Over the last 18 months we have scaled our Prepaid Issuing stack, Online Payments, and also the Buy Now Pay Later (BNPL) offering. We continue to make progress in the larger Asian markets with our BNPL platform. Very excited to have a marquee investor like Invesco join us in the journey," said B. Amrish Rau, CEO, Pine Labs.

“The Invesco Developing Markets Fund is pleased to invest in Pine Labs, a leading fintech services company in India that fits our strategy of seeking high-quality companies that have durable long-term growth potential," said Justin Leverenz, CIO of Developing Markets Equities at Invesco. 

Earlier this week, Pine Labs had partnered with OneCard to extend its equated monthly installments (EMI) offering to all OneCard credit cardholders.

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