Pine Labs today announced that it has raised fresh capital from private investment firm Lone Pine Capital in its latest funding round. With this round, the merchant platform company is now valued at $ 2 billion.
B. Amrish Rau, CEO of Pine Labs said, “Small businesses and consumers are fast adopting to digital commerce and contactless checkout. We are also seeing tremendous uptake in Pay Later services and have now enabled nearly 150,000 outlets for this. It’s time to invest heavily in offline and online commerce across India and SEA.” 
Pine Labs has raised funds in a combination of primary capital and secondary sale of shares by existing investors, said a person aware of the development. The company counts Sequoia Capital India Advisors Pvt Ltd., Temasek Holdings, Mastercard, Paypal and Actis LLP among its investors. 
“We are excited to partner with Pine Labs as they innovate at scale in the payments and merchant commerce space, benefiting consumers, merchants and financial institutions,” said Mala Gaonkar, Co-Portfolio Manager, Lone Pine Capital.
The new-age merchant platform serves more than 150,000 merchants in 3,700 cities across Asia and the Middle East. This year in July, it had also made a strategic investment in Fave [myfave.com] to provide cashless payment solutions to over 50,000 merchants across South East Asian countries including Malaysia, Singapore and others.