[Funding alert] Pine Labs raises $150M from Alpha Wave Venture
IPO-bound fintech unicornon Friday said that it raised $150 million from Alpha Wave Venture.
"We can confirm that Alpha Wave Venture has invested 150Mn in Pine Labs. We are happy to bring a marquee investor on board," said Amrish Rau, CEO, Pine Labs in a statement.
He further added that its Omni Channel strategy has been showing strong revenue growth. "We are also seeing strong growth in international markets."
Alpha Wave Ventures is a venture fund managed by Chimera Investments and Alpha Wave Global, previously known as Falcon Edge Capital, and has made 28 investments in India last year. Alpha Wave Global is the investor behind a few Indian Unicorns such as Swiggy, Dealshare, CRED, Dream 11 .
Lokvir Kapoor, Founder, Pine Labs
ET reported that this would take the valuation of the startup to over $5 billion.
In 2021, the company raised a total of $600 million in two tranches. This round includes marquee investors such as Fidelity Management and Research Company, BlackRock Inc, a fund advised by Neuberger Berman Investment Advisers LLC, Ishana, Tree Line, IIFL AMC via its ‘Late-Stage Tech Fund’, and Kotak.
It raised another $100 million from US-based investment management company, Invesco Developing Markets Fund in September 2021. In August last year, CRED founder Kunal Shah will be joining the board of merchant commerce platform Pine Labs
In January 2022, it raised 20 million from State Bank of India. It also said it would be listing in the US to raise about $500 million.
Earlier this month, the fintech startup acquired Qfix Infocomm, a Mumbai-based online payments startup for an undisclosed value. It was the third acquisition by Pine Labs after Fave and QwikCilver Solutions as it looks to expand its portfolio of services.