Fintech company Pine Labs is considering going public in just one year as it enters the online payments space, which it sees as a multi-billion dollar opportunity, the company’s CEO said Thursday. ..
With support from venture company Sequoia Capital, Singapore’s national investor Temasek, and US companies PayPal and Mastercard, Pine Labs provides Asian and Middle Eastern merchants with services and tools such as inventory management and payment terminals. doing.
Headquartered in the suburbs of New Delhi, the company was worth $ 3.5 billion after completing a $ 600 million round of funding in July.
“We’re in the process of considering an IPO option within the next 12 months,” CEO Amrish Lau told Reuters in a virtual interview about whether the company will go public. Refused to identify the desired rating. ..
The stock market hit a record high this year, with many tech startups competing for listing. Food delivery company Zomato launched a startup listing boom earlier this year, and several others are preparing for an IPO.
On Thursday, Pine Labs launched three online products under the name “Plural”, including a payment gateway and a software development kit for smartphones.
“In the next 18 months, I think this (online business) will be a $ 25 billion (annual) opportunity for Pine Labs,” Rau said.
“There is a chance that we could double the volume in the next two and a half years.”
Pine Labs’ payments business, which sells to sectors such as hospitality, telecom and electronics, generates up to $ 35 billion in annual revenue.
The company was founded in 1998 by three engineers to provide retail automation solutions to oil companies. In the early 2000s, we expanded our payment service to merchants.