Fintech Firm Pine Labs Eyes Initial Public Offer (IPO) In 12 Months, Says Pine Labs CEO

PineLabs launches three online products on Thursday

Fintech Pine Labs is considering going public in just a year if it enters the online payments space, which it sees as a billion-dollar opportunity, the company’s CEO said Thursday. ..

With the support of venture capitalist Sequoia Capital, Singaporean national investor Temasek and US companies PayPal and Mastercard, Pine Labs offers Asian and Middle Eastern merchant services and tools such as inventory management and payment terminals. I am willing.

Headquartered in the suburbs of New Delhi, the company is worth $3.5 billion after completing a $600 million financing round in July.

“I’m considering an IPO option in the next 12 months,” CEO Amrish Lau told Reuters in a virtual interview about whether the company would go public. Refusal to identify the desired rating. ..

The stock market hit record highs this year, with many tech start-ups vying for the list. Grocery delivery company Zomato kicked off a boom earlier this year for listings and several others are preparing to go public.

On Thursday, Pine Labs launched three online products called “Multiple”, including a payment gateway and a software development kit for smartphones.

“Over the next 18 months, I think this (online business) will be a $25 billion (per year) opportunity for Pine Labs,” said Rau.

“It is possible that we will double the volume in the next two and a half years.”

Pine Labs’ payments business, which sells to sectors such as hospitality, telecommunications and electronics, has annual sales of up to $35 billion.

The company was founded in 1998 by three engineers to provide retail automation solutions for oil companies. In the early 2000s, we expanded our payment services to include merchants.

x