Digital payments company Pine Labs has picked up $82m in a funding round led by Actis.
The firm invested in the company, which claims to be India’s largest retail payments platform, alongside Altimeter Capital.
Pine Labs offers point-of-sale payments in India, replacing the use of a card with a cloud-based platform that is designed to reduce costs and drive revenue for retailers. It currently processes 450m transactions worth more than $15bn annually, and handles around 15 per cent of India’s cashless transactions, according to the company.
The company offers a range of payment solutions including POS machines, digital wallets, digital payments, QR code transactions and reward cards, among others. Business loans are also accessible through the POS system, with repayment coming from an agreed percentage of daily card sales.
This investment will allow the company to accelerate its network in India and expand further afield.
Last year, Pine Labs expanded in to Malaysia following an exclusive partnership with one of the country’s leading banks. The company is planning to expand into new markets across Asia and the Middle East.
Pine Labs CEO Lokvir Kapoor said he was “pleased” to welcome Actis as a partner and the capital injection was a “strong endorsement” of the value of the platform. Sequoia Capital’s India team is also an investor in Pine Labs having first invested in 2009. It continues to be its largest shareholder.
Actis’ head of South Asia Asanka Rodrigo added, “We are thrilled to become a key investor in Pine Labs and partner with Lokvir Kapoor and Sequoia India who together have built a tremendous business in India. We are keenly looking forward to working closely with the team at Pine Labs over the coming years.”
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