Fidelity, BlackRock lead Pine Labs’ $600 million funding ahead of IPO

Bengaluru: Pine Labs Pvt. Ltd., a payments platform for merchants in India and Southeast Asia, closed a $600 million fundraising round with some of the world’s largest investors including Fidelity Management & Research Co. and BlackRock Inc. as it targets an initial public offering (IPO) within 18 months.

The Singapore-based startup, which offers solutions for in-store and online payments as well as prepaid, loyalty and “pay later” programs, is valued at $3 billion, Chief Executive Officer Amrish Rau said. Investors participating in the round included a fund advised by Neuberger Berman Group LLC and India’s IIFL Finance Ltd. and Kotak Funds.