Pine Labs has closed a $600 million fundraising round, with the entry of new investors Fidelity Management & Research Company, funds managed by BlackRock, Ishana, Tree Line, a fund advised by Neuberger Berman Investment Advisers LLC. IIFL AMC, via its ‘Late-Stage Tech Fund’ and Kotak, is also participating in this investment round, subject to approval from the Securities and Exchange Board of India (SEBI). With the current close, the valuation of the firm stands at $3 billion.

Pine Labs said it continues to be well-financed and has been EBITDA profitable for several years. The company is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard, amongst other leading global investors. The new investment comes when it is planning an initial public offering (IPO) within the next 18 months.

“Over the last year, Pine Labs has made significant progress in its offline to online strategy in India and the direct-to-consumer play in Southeast Asia. Our full-stack approach to payments and merchant commerce has allowed us to grow in-month merchant partnerships by nearly 100 per cent over the last year,” said B Amrish Rau, CEO, Pine Labs.