Digital payments and financial service provider Pine Labs has bagged $50 million in funding from Vitruvian Partners at a valuation of $5 billion, according to regulatory documents. This includes a $15 million Employee Stock Ownership Programme (ESOP) buyback at the Noida and Singapore-based firm ahead of its Initial Public Offering (IPO) in the US.
Pine Labs had filed for a confidential IPO in the US in January this year but had to postpone its IPO to the second half of the year due to the rout in global markets. It is looking to raise around $500 million from the public markets at a valuation of $6 to 7 billion.
Last month, it had closed a $150 million fundraising from Alpha Wave Global, including a secondary share sale. Before this funding, top startup entrepreneurs like Unacademy’s Gaurav Munjal, MPL’s Sai Srinivas Kiran G, Swiggy’s Sriharsha Majety, and Dream11’s Harsh Jain have also invested in Pine Labs.