Connect with us

Business News

Fintech Firm Pine Labs Eyes Initial Public Offering (IPO) in 12 Months, Says CEO of Pine Labs



Pine Labs launches three online products on Thursday

Fintech firm Pine Labs is considering at least one initial public offering a year, its chief executive said on Thursday, as the company forays into the online payments space, which it sees as a multi-billion dollar opportunity. sees.

Pine Labs, which counts venture firm Sequoia Capital, Singapore state investor Temasek, and US firms PayPal and MasterCard among its backers, provides services and tools such as inventory management and payment terminals to merchants in Asia and the Middle East.

The company, headquartered on the outskirts of New Delhi, was valued at $3.5 billion after closing a $600 million funding round in July.

“We are at a stage where we would like to see an IPO option in the next 12 months’ time,” CEO Amrish Rao told Reuters in a virtual interview, noting to specify whether the company will be listed overseas and keeping an eye on valuations.

Stock markets hit an all-time high this year, with several tech startups competing to get publicly listed. Food delivery firm Zomato kicked off the startup listing boom earlier this year, while several others are preparing for an IPO.

On Thursday, Pine Labs launched three online products, including a payment gateway and a software development kit for smartphones called ‘Plural’.

“I see this (online business) only as a $25 billion (annual) opportunity for Pine Labs over the next 18 months,” Rau said.

“We have an opportunity where we can potentially double our volumes in the next two and a half years’ time.”

Pine Labs’ payments business, which sells to sectors including hospitality, telecommunications and electronics, has annual revenue of up to $35 billion.

The company was founded in 1998 by three engineers to provide retail automation solutions to petroleum companies. In the early 2000s it expanded its payment services to merchants.


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright Indian Lekhak Limited 2021. All Rights Reserved