Total amount raised
$832 Million
Latest funding date
11/1/2025
Location
Pine Labs has successfully raised funding over 10 private rounds, the latest a Private Equity round led by Vitruvian Partners, before its November 2025 IPO in India. The company is backed by 26 investors, including notable names like Vitruvian Partners and Alpha Wave Global.
Keep reading to explore the intricacies of Pine Labs' fundraising journey and the investors backing this innovative platform.
What Is Pine Labs?
Pine Labs is a prominent merchant commerce platform based in Noida, Uttar Pradesh, India. The company specializes in financial services, fintech, and payments, providing financing and last-mile retail transaction technology to merchants.
With an employee count ranging from 1001 to 5000, Pine Labs has established itself as a significant player in the industry. The company offers a variety of solutions, including in-store and online payments, prepaid solutions, and financial infrastructure.
How Much Funding Has Pine Labs Raised?
- IPO
- Amount Raised: INR 20,800.00 million (gross fresh issue proceeds to the company; the INR 18,199.08 million offer for sale went to selling shareholders and is not counted)
- Date: November 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Private Equity Round
- Amount Raised: USD 50,000,000
- Date: March 2022
- Lead Investors: Vitruvian Partners
- Valuation at Round: Over $5 billion
- Motivation Behind the Round: To strengthen Pine Labs' recent foray into online payments via Plural and expand its Buy Now Pay Later offering to new markets through strategic collaborations.
- Secondary Market
- Amount Raised: USD 150,000,000
- Date: February 2022
- Lead Investors: Alpha Wave Global
- Valuation at Round: $5 billion
- Motivation Behind the Round: General growth and expansion purposes.
- Corporate Round
- Amount Raised: INR 1,500,000,000
- Date: January 2022
- Lead Investors: State Bank of India
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: General investment to support Pine Labs' growth.
- Series Unknown
- Amount Raised: USD 100,000,000
- Date: September 2021
- Lead Investors: Invesco
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: General growth and expansion.
- Series Unknown
- Amount Raised: USD 315,000,000
- Date: July 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: $3 billion
- Motivation Behind the Round: To augment its merchant commerce offerings at the offline point-of-sale and invest in scaling Plural, its online payment products.
- Series Unknown
- Amount Raised: USD 285,000,000
- Date: May 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: $3 billion
- Motivation Behind the Round: To push the company's valuation and likely support its growth and expansion strategies.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: December 2020
- Lead Investors: Lone Pine Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: General growth and expansion.
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: January 2020
- Lead Investors: Mastercard
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: General growth and expansion.
- Secondary Market
- Amount Raised: USD 125,000,000
- Date: May 2018
- Lead Investors: PayPal, Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: General growth and expansion.
- Series Unknown
- Amount Raised: USD 82,000,000
- Date: March 2018
- Lead Investors: Actis
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: General growth and expansion.
Pine Labs has raised a total of USD 832,000,000. The last private-round valuation was over $5 billion (March 2022), before the November 2025 IPO. Excludes the three Secondary Market rows (February 2022, December 2020, May 2018) and the INR-stated January 2022 SBI row and November 2025 IPO fresh issue.
Key Investors
- Vitruvian Partners
- Details: Vitruvian Partners is a European private equity firm based in London. They focus on investing in dynamic situations characterized by rapid growth and change.
- Investment Focus Areas: Technology, financial services, healthcare
- Notable Investments: Just Eat, Farfetch, Darktrace
- Alpha Wave Global
- Details: Alpha Wave Global is a global investment firm that focuses on technology and innovation-driven companies. They have invested $150 million in Pine Labs.
- Investment Focus Areas: Fintech, software, high-growth sectors
- Notable Investments: Not specified
- State Bank of India
- Details: State Bank of India (SBI) is a government-owned financial services and banking company. It is one of the largest banks in India.
- Investment Focus Areas: Financial services, fintech
- Notable Investments: Not specified
- Invesco
- Details: Invesco is a global investment management firm headquartered in Atlanta, Georgia. They manage a wide range of investment strategies across various asset classes.
- Investment Focus Areas: Financial services, fintech, developing markets
- Notable Investments: Not specified
- PayPal
- Details: PayPal is a global online payments company that enables digital and mobile payments on behalf of consumers and merchants. It is headquartered in San Jose, California.
- Investment Focus Areas: Fintech, digital payments
- Notable Investments: Not specified
What's Next for Pine Labs?
Pine Labs is poised for significant growth, driven by opportunities in expanding its online payments platform, Plural, and its Buy Now Pay Later (BNPL) offerings. The company is also eyeing international markets to boost revenue and margins. With recent investments totaling $920 million, including $50 million from Vitruvian Partners, Pine Labs is well-positioned to capitalize on these opportunities.
Pine Labs went public in India in November 2025 at INR 221 per share, and its shares are listed on NSE and BSE. However, challenges such as market volatility, competition, and regulatory hurdles could pose obstacles. Successfully integrating acquisitions like Setu will also be crucial for sustained growth.
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