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Pine Labs, backed by PayPal, plans a $439 million IPO in Mumbai.

TapChiBitcoin

Indian fintech company Pine Labs, backed by PayPal and Mastercard, is set to raise approximately 439 million USD through an IPO in Mumbai, valuing the business at around 2.89 billion USD. The offering includes an issuance of 234 million USD and a sell-off of shares from existing investors.

Pine Labs – one of the leading point of sale payment solution providers (POS) in India – has expanded its operations in Singapore, Malaysia, and the UAE, reporting increased profits alongside the boom in digital payments.

The raised capital will be used to pay off debts, invest in IT infrastructure, cloud, and software, while also expanding into Southeast Asia and the Middle East, two regions that contribute more than 20% of revenue.

IPO marks a turning point in Pine Labs' transformation journey from a successful private fintech startup to a publicly traded company with a global stature.

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