Temasek-backed Indian Unicorn Pine Labs Makes First Close Of $285M Funding Round

Pine Labs, an Indian merchant commerce platform unicorn, announced that it has completed the first close of its
$285 million new funding round backed by existing investor Temasek.

 The new round of financing was participated by a host of investors, including Baron Capital Group, Duro Capital,
Marshall Wace, Moore Strategic Ventures, Ward Ferry Management, and existing investors Lone Capital and Sunley
House Capital.

 Pine Labs said the round was significantly oversubscribed and enabled secondary transactions for its founder,
employees, and early shareholders.

 “This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and
now want to scale new frontiers in the online space as well, at the same time continue to power the credit and
commerce needs of our offline merchant partners,” said B. Amrish Rau, the company’s CEO.

 Pine Labs is one of Asia’s merchant commerce platforms, serving more than 150,000 merchants across Asia and the
Middle East. Incorporated in Singapore, the company’s key investors include Actis Capital, Mastercard, PayPal, and
Sequoia India, besides Temasek.

 Following an investment from Lone Pine Capital last year, the company hit unicorn status in the round that sent its
valuation north of $2 billion.

 In April, the company acquired loss-making Southeast Asian loyalty and cashback platform Fave in a deal valued at
over $45 million. The acquisition comes less than a year after Pine Labs invested $4 million in Malaysia-based Fave
for a 12% stake.

 It also acquired India’s leading gift solution company, Qwikcilver for $110 million in 2019. The acquisition brought
Kumar Sudarsan, co-founder and CEO of Qwikcilver, to the leadership team of Pine Labs.

 “Through the acquisitions of QwikCilver and Fave, Pine Labs is now the number one pre-paid issuing platform as
well as the top consumer loyalty product in this market. With leadership across multiple categories, the company is
very well positioned to drive immense value to its merchant partners in India and other SEA markets.,” said
Shailendra Singh, managing director at Sequoia Capital, the biggest shareholder in Pine Labs.

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