Baron Funds had valued Pine Labs at $5.3 billion in September final yr. On January 4, ET reported that Invesco had reduce the valuation of Pine Labs to $3.9 billion as of October 31.
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The Noida-headquartered funds firm, which primarily deploys point-of-sales (PoS) options at service provider shops, had final raised $150 million from Alpha Wave again in 2022. It was valued at $5 billion submit that spherical. At present, Invesco owns round 2.8% of Pine Labs and Baron Funds owns round 1.3% within the firm. Peak XV Companions, the unique investor within the firm, now owns round 20.6%, knowledge from Tracxn exhibits.
On January 25, ET had reported that Constancy, one other American fund supervisor, had marked down the truthful worth of Pine Labs to $3 billion from $4.7 billion as of August 31, 2023.
Pine Labs chief government Amrish Rau didn’t touch upon the event.
Crossover funds, which put money into each publicly listed firms and privately held corporations, overview the valuations of their holdings infrequently. These calculations are sometimes made to replicate the valuation modifications within the non-public corporations’ publicly listed counterparts.
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Pine Labs, which was based in 1998, has expanded its scope of operations during the last 4 to 5 years. From providing card funds at massive shops, it presently affords all types of digital funds at service provider shops, on-line funds for ecommerce transactions, and in addition processes pay-later options throughout transaction checkout.Between 2019 and 2022, Pine Labs acquired reward card options agency Qwikcilver, Malaysian cost agency Fave and PoS funds firm Mosambee. In FY23, it reported a complete income of Rs 1,588 crore and a internet lack of Rs 227 crore, in line with knowledge from Tracxn. It competes with banks and different fintechs like Paytm, Ezetap (owned by Razorpay), Mswipe and Innoviti Funds.
