Fintech unicorn Pine Labs is all set to apply for a US IPO by October end. Currently valued at $3 billion, the merchant commerce solution provider is filing its paperwork with the US Securities and Exchange Commission (SEC) for its $1 billion IPO by October end. Pine Labs has hired Morgan Stanley and Goldman Sachs to manage the intended IPO and is looking to raise nearly $1 billion through primary and secondary stake sales.
Backed by investors like Sequoia Capital, Paypal, Lone Capital and others, Pine Labs joined the unicorn club in 2020. Founded in 1998 by Lokvir Kapoor, Pine Labs allowed large and mid-sized businesses in Asia and the Middle East to accept digital payments. The startup also gives merchant commerce solutions, including enterprise automation systems like customer relationship management and inventory management.
Pine Labs have 140K+ merchants, 3.5 lakh PoS terminals in 3,700 cities in India and Malaysia. Over 15 central banks, seven financial institutions and across 100 brands are part of Pine Labs. The company had a loss of Rs 57.72 Cr in FY20, a 1,654 per cent rise from Rs 3.29 Cr in FY19. Currently, Pine Labs will be the 4th Indian digital payment startup going public together with Paytm, MobiKwik and Fino Payments Bank. Paytm has filed its draft red herring prospectus (DRHP) of Rs 16,600 crores.