Private Equity Fund Investments
Merchant commerce platform Pine Labs raises $100-M from Invesco Fund
Noida-based unicorn merchant commerce platform Pine Labs has raised USD 100 million from Invesco Developing Markets Fund. Pine Labs was valued at USD 3 billion in July when it closed a USD 600 million round led by Fidelity Management & Research and BlackRock. Pine Labs' early and major backer Sequoia Capital India has been reaping high returns through partial exits via secondary deals. It had made USD 455 million in the past few years including a USD 225-230 million secondary in the past 10 months. Before this round, Sequoia remained the largest stakeholder in the company with a 25.7% stake, while Pine's founder and chairman Lokvir Kapoor was the biggest non-institutional shareholder with 5.05% stake.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
