Preliminary public providing (IPO)-bound service provider commerce platform Pine Labs, on Wednesday, stated it has acquired a majority stake in cost options agency Mosambee for an undisclosed sum.
The funding by Pine Labs will worth Mosambee at upwards of $100 million, the assertion stated.
VCCircle solely reported the event on April fifth.
Mosambee, which is operated by Synergistic Monetary Networks Pvt. Ltd, had earlier employed mid-market-focused boutique funding financial institution DC Advisory to scout for potential traders. The corporate counts Rajasthan Enterprise Capital Fund (RVCF) and SIDBI Enterprise Capital Ltd amongst its current traders.
Submit this transaction the management staff at Mosambee will proceed to function independently.
“Ever since its founding, Mosambee has made large inroads into elevating the service provider expertise by way of cutting-edge fintech options. They had been a pure match for us resulting from our shared function of creating modern fintech merchandise accessible to all and driving ahead the digital cost revolution in India,” Amrish Rau, CEO of Pine Labs, stated.
In February, Mosambee acquired buy-now-pay-later (BNPL)-focused cost startup Benow to deepen its presence throughout the nation. The corporate had then claimed its income has jumped from ₹2 crore to round ₹140 crore in 4 years. Amidst the pandemic, the funds firm claimed it had registered 25% development throughout the fiscal yr 2021 and plans to additional obtain 50% development in FY22.
Mosambee can also be planning to step up its efforts in constructing MSME-focused merchandise to facilitate digital inclusion.
In 2015, Mosambee had raised an undisclosed quantity in its Sequence B spherical of funding from current traders Rajasthan Enterprise Capital Fund (RVCF) and SIDBI Enterprise Capital Ltd.
Sameer Chugh, co-founder of Mosambee added, “Pine Labs was our first companion after we launched our platform. Mosambee immediately caters to a big selection of companies, from SMEs to personal and authorities entities to main banking establishments in India. With the intensive attain of Pine Labs and their portfolio firms, we intention to proceed to ship sturdy profitability and breakthrough options to our shoppers.”
Pine Labs has been lively in M&A (mergers and acquisitions), and it has struck a number of acquisitions within the latest previous. In February, it acquired out funds startup Qfix Infocomm for an undisclosed quantity. Earlier, Mint reported that Pine Labs is in superior negotiations to amass API infrastructure firm Setu.
Pine Labs beforehand acquired QwikCilver in 2019 for which it raised capital from Actis Advisors. Prior to now, the corporate acquired Southeast Asia-based fintech platform Fave for $45 million ( ₹337 crore) in April 2021.
In July 2020, Pine Labs additionally made a strategic funding in Fave.
The fintech unicorn (startups valued at over $1 billion) raised $50 million (round ₹380 crore) in contemporary funding from Vitruvian Companions. The startup is claimed to have been valued at $5-$5.5 billion for the stated transaction.
Final month, Pine Labs raised $150 million (about ₹1,120 crore) from Alpha Wave Ventures. In Might 2021, the corporate raised a tranche of $285 million from a clutch of reputed public market-focused cross-over funds, pushing its valuation to round $3 billion. In August 2021, Pine Labs roped in CRED founder Kunal Shah on its board.
Earlier VCCircle reported that Pine Labs could defer the IPO course of until later this yr resulting from “weak market sentiments”. It was planning to launch its Nasdaq itemizing course of in January-February and had employed Goldman Sachs and Morgan Stanley to formalize the method.
The agency was launched in 1998 by Rajul Garg, however he left the agency in 2003. The corporate’s present chairman Lokvir Kapoor then took over the funds firm. Pine Labs’ options are utilized by retailers from various sectors—electronics, meals and beverage, vogue, pharmacy, telecom and airways, however these are principally offline gamers. The corporate can also be planning to ramp up its on-line platform, each by natural and inorganic means.
Supply: Live Mint