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F r o m W i k i p e d i a , t h e f r e e e n c y c l o p e d i a
Indian merchant platform company
Pine Labs Pvt. Ltd. Industry Fintech Founded 1998; 26 years ago (1998 ) Founder Lokvir Kapoor Headquarters
,
India
Area served
India , Middle East , Southeast Asia
Key people
Lokvir Kapoor (Executive chairman) Products myPlutus app, Plutus Smart, Pine Labs Genie,[1] Revenue ₹ 1,588 crore[2]
Net income
₹ −227 crore[2] Subsidiaries Qwikcilver Solutions Pvt Ltd. Website pinelabs.com
Pine Labs is an Indian company that provides point of sales systems and payment systems, founded in 1998. The company has a valuation of over US$5 billion.[3]
The company makes Android-based point of sale (PoS) machines[4] Spencer's Retail , Pantaloons , Shoppers Stop , and Westside .[5] India , UAE , Singapore and Malaysia .[6] [7]
Some of its notable investors include LonePine, PayPal , Temasek Holdings , Actis Capital , Altimeter Capital , Sofina , and Sequoia Capital .
History [ edit ]
The company was founded in 1998.[8] India and other Asian countries. Pine Labs has sold over 850,000 PoS terminals in India.[9]
In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.[10]
The company acquired gifting startup Qwikcilver for $110 million in March 2019.[11] [12] [13]
In February 2019, the company partnered with RAKBANK to launch a payment platform in the UAE. In March 2018, Google Pay entered into partnership with Pine Labs to capture the offline payments space in India.[14] [15] UnionPay in January 2019.[16]
In April 2021, Pine Labs acquired Southeast Asian deals and cash-back platform Fave for $45 million.[17] Joel Neoh , Yeoh Chen Chow, and Arzumy MD, will continue working in the company to expand its presence across Southeast Asia and India.[18]
In August, 2021 the company suffered a data breach exposing the data of up to 500,000 of its users to hackers, which raised several concerns on its capabilities to protect sensitive customer information.[19]
In January 2022, Pine Labs filed confidentially for an initial public offering (IPO) with the U.S. Securities and Exchange Commission seeking to raise about $500 million later that year at a valuation of $5.5 – 7 billion.[20]
Funding [ edit ]
In May 2018, Pine Labs raised $125 million (₹ 843 crores ) from Temasek Holdings and PayPal , making it one of the unicorn startup companies with a valuation of over $1 billion.[21] [22]
In March 2018, the company raised $82 million (₹530 crores) from Actis Capital , a private equity fund and Altimeter Capital, a California -based investment company .[23] Sofina and in 2009 from Sequoia Capital .[24] [25] [21]
In May 2019, it was listed among the top 10 highest-funded startups in India by CNBC TV18 .[6] Mastercard .[26] Blackrock .[27]
Products and services [ edit ]
The company provides mobile devices that allow merchants to accept credit and debit card payments.[28] [29] [30] [31]
See also [ edit ]
References [ edit ]
^ Upadhaya, Harsh (18 February 2022). "Pine Labs raises $150 Mn from Alpha Wave at $5 Bn valuation" . entrackr.com.
^ https://www.livemint.com/companies/news/pine-labs-plans-to-deploy-1-5-lakh-android-pos-devices-by-next-fiscal-11582462971021.html
^ Gooptu, Biswarup; Bhakta, Pratik (28 August 2017). "Season may be right for Sequoia to exit Pine Labs" . The Economic Times .
^ a b "Here are the top 10 highest-funded startups in India" . CNBC TV18 . 29 May 2019.
^ https://www.thehindubusinessline.com/money-and-banking/pine-labs-receives-singapore-court-nod-to-shift-base-to-india/article68196746.ece
^ "Indian fintech firm Pine Labs confidentially files for U.S. IPO" . The Hindu . 10 January 2022. ISSN 0971-751X . Retrieved 4 July 2022 .
^ Abrar, Peerzada; Mishra, Bibhu Ranjan (12 June 2019). "Pine Labs gears up for next phase of growth, plans to foray into new mkts" . Business Standard .
^ Tyagi, Gaurav (30 July 2019). "Pine Labs secures Rs 707 Cr from Singapore-based parent company" . Entrackr . Retrieved 4 July 2022 .
^ Bhakta, Pratik (20 March 2019). "Pine Labs acquires gifting startup Qwikcilver" . The Economic Times .
^ "Why Pine Labs is acquiring Qwikcilver" . The Economic Times . 26 February 2019.
^ Arakali, Harichandan (19 March 2019). "Singapore's Pine Labs acquires gift card tech company Qwikcilver in $110 million deal" . Forbes India
^ Soni, Yatti (28 March 2018). "Google Pay Partners With Pine Labs To Capture Offline Payments Space In India" . Inc42.com.
^ "Google Pay looks beyond UPI, card payments in the works" . The Economic Times . 10 May 2019.
^ "UnionPay acceptance coverage in India continues to increase" . Unionpayintl. 10 January 2019.
^ "Pine Labs has just bought Fave for $45 million" . Entrepreneurship News, Community, and Resources | BEAMSTART . Retrieved 13 April 2021 .
^ "Pine Labs acquires Southeast Asian startup Fave for $45 million" . TechCrunch . 13 April 2021. Retrieved 13 April 2021 .
^ Ghosh, Debangana (17 August 2021). "Data breach at Pine Labs exposes 500,000 records" . thehindubusinessline.com .
^ "Fintech startup Pine Labs to seek $500 million in US IPO" . The Economic Times . 10 January 2022.
^ a b Russel, John (31 May 2018). "PayPal and Singapore's Temasek invest $125M in Indian payment startup Pine Labs" . TechCrunch .
^ "India's Pine Labs Racks Up $125 Million" . The Wall Street Journal . 31 May 2018.
^ Bhakta, Pratik (13 March 2018). "Actis, Altimeter put $82 million in Pine Labs to grow roots" . The Economic Times .
^ Alexander, George Smith (13 March 2015). "Sequoia's Pine Labs Said to Seek Funding at $1 Billion Valuation" . Bloomberg News .
^ "Striking gold: A look at India's growing club of Unicorns" . The Economic Times . 29 June 2018.
^ "Tech in Asia - Connecting Asia's startup ecosystem" . www.techinasia.com . Retrieved 27 February 2020 .
^ Manikandan, Ashwin. "Pine Labs gets funding at $3.5-billion valuation ahead of US IPO" . The Economic Times . Retrieved 16 September 2021 .
^ "Pine Labs brings digital payment innovations to the MENA Region" . Dubai : Saudi Gazette . 18 March 2018.
^ "Pine Labs revenues grow 55% to ₹302 crore, while slipping into loss, in FY18" . Theindianwire.com. 31 October 2018.
^ Shaikh, Shadma (19 November 2015). "Use reward points, don't lose them" . Asian Age .
^ Gupta, Soumya (7 February 2017). " . BusinessWorld .
List of Top 10 Fintech Companies In India 2022-23 by CEO Review Magazine
t
e
Payment gateways
Mobile wallets
Online investments
Lending
R e t r i e v e d f r o m " https://en.wikipedia.org/w/index.php?title=Pine_Labs&oldid=1233359574 " C a t e g o r i e s : ● C o m p a n i e s b a s e d i n N o i d a ● C o m p a n i e s e s t a b l i s h e d i n 1 9 9 8 ● T e c h n o l o g y c o m p a n i e s o f I n d i a ● I n d i a n c o m p a n i e s e s t a b l i s h e d i n 1 9 9 8 ● P a y m e n t s e r v i c e p r o v i d e r s ● P r i v a t e l y h e l d c o m p a n i e s o f I n d i a ● O n l i n e p a y m e n t s ● M o b i l e p a y m e n t s i n I n d i a ● 1 9 9 8 e s t a b l i s h m e n t s i n U t t a r P r a d e s h H i d d e n c a t e g o r i e s : ● A r t i c l e s w i t h s h o r t d e s c r i p t i o n ● S h o r t d e s c r i p t i o n m a t c h e s W i k i d a t a ● A r t i c l e s w i t h a p r o m o t i o n a l t o n e f r o m J u n e 2 0 2 1 ● A l l a r t i c l e s w i t h a p r o m o t i o n a l t o n e ● U s e d m y d a t e s f r o m F e b r u a r y 2 0 2 0 ● U s e I n d i a n E n g l i s h f r o m F e b r u a r y 2 0 2 0 ● A l l W i k i p e d i a a r t i c l e s w r i t t e n i n I n d i a n E n g l i s h
● T h i s p a g e w a s l a s t e d i t e d o n 8 J u l y 2 0 2 4 , a t 1 7 : 2 8 ( U T C ) . ● T e x t i s a v a i l a b l e u n d e r t h e C r e a t i v e C o m m o n s A t t r i b u t i o n - S h a r e A l i k e L i c e n s e 4 . 0 ;
a d d i t i o n a l t e r m s m a y a p p l y . B y u s i n g t h i s s i t e , y o u a g r e e t o t h e T e r m s o f U s e a n d P r i v a c y P o l i c y . W i k i p e d i a ® i s a r e g i s t e r e d t r a d e m a r k o f t h e W i k i m e d i a F o u n d a t i o n , I n c . , a n o n - p r o f i t o r g a n i z a t i o n . ● P r i v a c y p o l i c y ● A b o u t W i k i p e d i a ● D i s c l a i m e r s ● C o n t a c t W i k i p e d i a ● C o d e o f C o n d u c t ● D e v e l o p e r s ● S t a t i s t i c s ● C o o k i e s t a t e m e n t ● M o b i l e v i e w
₹1,588 crore (US$190 million) (FY23)[2]
