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Sequoia Capital plans to exit Pine Labs; KKR’s NBFC units raise bank debt

28 August, 2017

Venture capital and growth-stage investment firm Sequoia Capital is exploring the sale of its stake in payment solutions provider Pine Labs Pvt. Ltd, The Economic Times reported citing unidentified sources aware of the development.

Sequoia had invested $1 million in Pine Labs in 2009 and now owns about two-thirds of the Noida-based company. It is targeting a valuation of about $1 billion to completely exit the company but may sell a partial stake if its valuation demands are not met, the report said.

The report cited Sequoia managing director Shailendra Singh as saying that there was no plan to exit Pine Labs. It also cited Pine Labs CEO Lokvir Kapoor as saying that the company was looking to raise $100 million for expansion.

The company has raised $50 million in primary capital thus far, it added.

In another report, The Economic Times said that state-run lender Bank of Baroda has sanctioned a loan of Rs 2,000 crore to Kohlberg Kravis Roberts & Co’s India non-banking financial units.

The bank approved a loan of Rs 1,400 crore to KKR India Financial Services Pvt. Ltd and Rs 600 crore to KKR India Asset Finance Pvt. Ltd, the report said, citing two people aware of the matter.

The KKR units are the first clients of Bank of Baroda in the private equity segment, the report added.

Meanwhile, a Mint report quoting two people aware of the development said that Singapore-based stressed assets investor SSG Capital Management Ltd was interested in acquiring a stake in transformer maker Emco Ltd.

Emco promoters are in discussions to bring in an investor who can acquire some stake as well as debt from its lenders. SSG Capital is likely to invest Rs 150-200 crore in Emco, according to the report.

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Sequoia Capital plans to exit Pine Labs; KKR’s NBFC units raise bank debt

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