Pine Labs


Pine Labs is an Indian merchant platform company that provides financing and last-mile retail transaction technology, founded in 1998. It is one of the unicorn companies, with a valuation of over US$1 billion.
It provides a merchant platform and makes software for point of sale machines. The company has more than 70,000 retailers across India, including major retail outlets such as Mark's and Spencer's Retail, Pantaloons, Shoppers Stop and Westside. It has a presence in India and Malaysia and other parts of Asia.
Some of its investors include PayPal, Temasek, Actis Capital, Altimeter Capital, Sofina and Sequoia Capital.

History

The company was founded in 1998. The company evolved from a petroleum automation retail solutions player to becoming a payments products and services firm for merchants. It has over 100,000 merchants in India and other Asian countries. Pine Labs platform powers over 350,000 PoS terminals in India.
In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.
The company acquired a gifting startup Qwikcilver for $110 million in March 2019.
In February 2019, the company partnered with RAKBANK to launch a payment platform in the UAE. In March 2018, Google Pay came into partnership with Pine Labs to capture the offline payments space in India. The company was partnered with UnionPay in January 2019.

Funding

In May 2018, Pine Labs raised $125 million from Temasek Holdings and PayPal, making it one of the unicorn startup companies with a valuation of over $1 billion.
In March 2018, the company raised $82 million from Actis Capital, a private equity fund and Altimeter Capital, a California-based investment company. It had also raised funds in 2015 from Sofina and in 2009 from Sequoia Capital. As of May 2018, It has raised a total of $208 million.
In May 2019, the company was listed among the top 10 highest-funded startups in India by CNBC TV18.
In Jan 2020, the company announced it had raised an undisclosed sum from Mastercard.

Products and services

The company provides mobile point of sale solutions that allow merchants to accept credit and debit card payments. Some of the offerings of Pine Labs include Instant EMI, Instant Discounts, Cashback Programs, PaybyPoints, Loyalty Solutions, eWallet, Targeted Promotions, Dynamic Currency Conversion and Gift Solution.