pine labs: SBI invests Rs 150 crore in card machine company Pine Labs – Times of India

pine labs:  SBI invests Rs 150 crore in card machine company Pine Labs - Times of India

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MUMBAI: SBI has invested Rs 150 crore ($20 million) in merchant commerce platform Pine Labs. The deal valued Pine Labs significantly higher than $3 billion – the valuation in its previous financing round. In 2021, Pine Labs had raised $600 million from new investors and followed it up with a $100 million fund-raise from US-based Invesco Developing Markets Fund.
In addition to offering more features on its card swipe machines, Pine Labs is now looking to invest in scaling Plural, its newly launched brand of online payment products. This will allow the company to offer payment services for both in-store as well as online payments, the company said.
“We are empowering merchants with seamless and secure payment experiences across offline and online platforms. Last year, several marquee investors have placed their trust in our business model and growth momentum and that is a gratifying feeling,” said B Amrish Rau, CEO, Pine Labs.
SBI has been making significant investments in the payment acceptance space. It has a subsidiary SBI Payments, which onboards merchants for digital acceptance



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