Merchant commerce platform Pine Labs has announced the closing of its latest investment round, further cementing its status as a tech unicorn (a startup worth over $1bn).
The Singapore-based startup said its latest round was worth $600mn, with participation from investors including Fidelity Management & Research, BlackRock, Ishana, Tree Line and Neuberger Berman Investment Advisers. Also participating is India-focused global asset management firm IIFL AMC and Kotak, with the round still subject to approval from the Securities and Exchange Board of India.
"Over the last year, Pine Labs has made significant progress in its Offline to Online strategy in India and the direct-to-consumer play in Southeast Asia. Our full-stack approach to payments and merchant commerce has allowed us to grow in-month merchant partnerships by nearly 100% over the last year. We are excited to bring on board a marquee set of new investors in this round and appreciate the confidence they have placed on the Pine Labs business model and our growth momentum," said B. Amrish Rau, CEO, Pine Labs.
Catering to a Booming Digital Economy
The company offers a payments platform for merchants in India and Southeast Asia – one of the most vital and growing digital economies in the world. According to the e-Conomy SEA 2019 report, a joint project between Google, the government-owned Singaporean holding company Temasek and management consultants Bain & Company, ecommerce was the biggest single internet sector at $38bn – up from $5.5bn in 2015.
