Business

Pine Labs’ kitty swells to 600 mn USD with fresh funds

Merchant commerce platform Pine Labs has raised funding from new investors - Fidelity Management & Research Company, funds managed by BlackRock and others - taking the funds raised in this round to $600 mn. Ishana, Tree Line and a fund advised by Neuberger Berman Investment Advisers LLC also participated in the round.

migrator

New Delhi

IIFL AMC via its ‘’Late-Stage Tech Fund’’ and Kotak are also participating in the investment round, which is subject to approval from the Securities and Exchange Board of India, a statement said.

This brings the total round size to over $600 mn (about Rs 4,456 cr). In May, Pine Labs had announced a $285 million funding from investors, including Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures, and Ward Ferry Management.

While Pine Labs had not disclosed the valuation, reports pegged it at about $3 bn. The company may raise additional funds in the coming weeks as it continued to receive investor interest.

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