Pine Labs, a payments solutions company, based out of Delhi-NCR, has bagged a fund infusion of about ₹707 crore from its parent, cited yourstory.
The company said that an allotment of 2,35,78,605 equity shares of face value of ₹1 each issued at a premium of ₹299. It further said that the resolution to allot the said shares to Pine Labs Pte Ltd, the Singapore-based parent of Pine Labs, and Keith Boodle was passed at board meeting on May 27.
While, according to a company spokesperson, the infuse funds will be utilise for Qwikcilver acquisition.
Pine Labs, Delhi-NCR based, was founded in 1998 by Vicky Bindra. The company started by engineering a solution for a large scale, card-based payment and loyalty program in the retail petroleum industry. As per merchants needs evolved, the platform pivoted its business model in a renewed journey since 2012.
Apparently, in March 2019, Pine Labs had announced the signing of a definitive agreement to acquire gift card solutions provider Qwikcilver for $110 million.
In April, it completed the acquisition and said it was funded via internal cash reserves and additional funding from existing investors.
The company is incorporated in Singapore and has its largest operations in India. It is a merchant platform company that provides financing and last-mile retail transaction technology.
Pine Labs’ offerings are used by one lakh merchants in 3,700 cities and towns across India and Malaysia.
Some of the significant startups in the similar space includes Ezetap, Mosambee, Innoviti, ePaisa, Mswipe, MobiSwipe, PayUMoney, and many more.