Indian Fintech startup Pine Labs is planning to launch an initial public offering (IPO) in US by March 2022. The startup has reportedly begun early-stage discussions with at least four merchant bankers, including JP Morgan, Citi and Morgan Stanley, to work on the IPO.
Pine Labs is aiming for a valuation of $5 billion. In December 2020, the startup had raised an undisclosed amount of funding from Lone Pine Capital, which valued the company at over $2 billion.
The startup also counts PayPal Ventures, Temasek, Actis Capital, Altimeter Capital, Sofina, and Sequoia Capital as its investors. Pine Labs claims to process payments worth $30 billion per year and serves 150,000 merchants across its 450,000 network points in 3,700 cities.
The company also plans to expand its presence across Asian markets. It has list of customers including, Reliance Retail, Air Asia, Future Retail, Jubilant Foodworks etc.
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