Digital payments startup, Pine Labs has raised Rs 530 crores (around $82m) in a Series E funding round led by PE firm Actis Capital along with tech-focused US investment firm Altimeter Capital, as reported by Mint and VC Circle. It was also reported that with the latest funding, the valuation of the PoS solutions provider may raise to $1bn.

Themis Associates acted for existing investor Sequoia Capital in the transaction, led by a team including partner Amritha Salian and associate Anupam Roy.

Naveen Goel Law Offices partner Rishi Bhatnagar acted as the legal advisor for Pine Labs and shareholder Lokvir Kapoor.

Founded in 1998 by Rajul Garg, Pine Labs offers a cloud-based point-of-sale payments solutions, allowing merchants to accept credit or debit card payments, as well as latest methods such as e-wallets, QR code payment solutions and UPI-based solutions. The current funding is expected to help Pine Labs build on its network in India and expand its operations overseas.

2018-03-13

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