Pine Labs Scores From SBI: State Bank of India Has Invested in Pine Labs

Pine Labs Indian merchant company has been established in the year 1998 that focus on last-mile consumer technology and expertise in finance. it becomes a unicorn startup with a market capitalization value of USD 3.5.

Pine Labs, a merchant commerce firm, secured a new investment of $20 million from the state bank of India, India’s leading lender, on Tuesday.

In 2021, the IPO-bound business raised $700 million in investment. the above comprises a $100 million fundraising round headed by the Invesco developing markets fund, located in the united states, in September.
Pine Labs plan to use the fresh capital to scale plural, its recently established brand of online payment tools, with the goal of becoming merchants’ preferred omnichannel partner.

pine labs Pvt ltd, a payment provider integrated on the verge of us IPO, announced on Tuesday that it has received an additional $20 million (about Rs 150 crores) in new funding from the State Bank of India (SBI).

Pine Labs CEO Amrish Rau said Tuesday, “several notable investors have expressed their faith in our business concept and growing momentum in the last year, which is a rewarding experience. it is a gratifying experience for me working with SBI because I started my career at state bank”. Pine labs declared in a statement that it will invest in growing its new plural payment mechanism.