IPO-bound Pine Labs raises $100 million from US investment fund

Mumbai: Pine Labs, which plans to go public in the US next year, said on Thursday that it has raised $100 million from US-based Invesco Developing Markets Fund. The new funding comes just months after it raised $600 million in two tranches from a host of global and domestic investors, which valued the firm at $3.5 billion. Pine Labs’s valuation in its latest round could not be immediately determined.

ET reported earlier on Thursday that the firm had appointed Wall Street bankers Goldman Sachs and Morgan Stanley to steer its US listing and was in talks with investors to raise $100 million. Sources said the firm is eyeing a valuation of $6 billion for its IPO. The Noida-based firm is backed by Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard, amongst others.