Payment solutions provider Pine Labs Pvt Ltd, which is looking to go public within 18 months, said on Tuesday it has closed its funding round at $600 million (Rs 445.9 crore).
In the latest tranche, it has raised $315 million from US-based asset management firm Fidelity Management and Research Company and others.
New investors -- BlackRock, Ishana, Tree Line, and a fund advised by Neuberger Berman Investment Advisers LLC -- pooled in cash in this round. IIFL AMC, via its Late-Stage Tech Fund, and Kotak Funds also took part in the round.
“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,” B Amrish Rau, CEO of Pine Labs, said.
Pine Labs says it continues to be well-financed and has been Ebitda positive for several years.
In May, the company had raised its earlier tranche of $285 million from a clutch of reputed public market-focused cross-over funds, bringing its valuation to around $3 billion.
It acquired Southeast Asia-based fintech platform Fave for $45 million (Rs 337 crore) in April. In July 2020, Pine Labs made a strategic investment in Fave.
Pine Labs previously acquired QwikCilver in 2019 for which it raised capital from Actis Advisors.
It was founded in 1998 by Rajul Garg, who quit the company in 2003. The payments company was then taken over by Lokvir Kapoor, currently the firm's chairman.
Initially, it focused on large-scale smart card-based payments and loyalty solutions for Indian metro companies before shifting to its current business model.
The company is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard amongst other global investors.