According to the press release, Pine Labs’ latest funding round includes a USD 15 million employee stock ownership programme (ESOP) buyback. The development was first reported by The Economic Times.
The news comes after the fintech startup raised USD 150 million from Alpha Wave Global, at the same USD 5 billion valuation. The funding included a secondary share sale component, giving liquidation opportunities to the existing shareholders of the company.
Pine Labs is a merchant payment solutions company that enables businesses to accept online and offline digital retail transactions. The company supports over 150,000 merchants, 350,000 points of sales (PoS) terminals across 3,700 cities in India and Malaysia.
The company is planning on hitting the public market, and filed for a confidential initial public offering (IPO) in the US in January 2022. The company is reportedly planning to raise half a billion dollars from the public market, at a valuation of USD 6-7 billion.
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