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Fidelity cuts fair value of Meesho, Pine Labs

Economic Times

Economic Times · 1y ago

Fidelity cuts fair value of Meesho, Pine Labs

Fidelity's funds have lowered the valuations of Indian e-commerce marketplace Meesho and fintech company Pine Labs, according to filings with the US Securities and Exchange Commission. Meesho's fair value was reduced to around $4.1 billion from $5 billion in August, while Pine Labs' fair value was decreased to $3 billion from $4.7 billion. Investors often revise valuations based on changes in public market counterparts. Meesho's early investors and angel investors are reportedly looking to sell their stake at a valuation of $3-3.5 billion. Both companies saw narrowed losses and increased revenues for FY2023.

Related News

Fidelity continues markdowns, cuts fair value of Gupshup and Pine Labs

Money Control

Money Control · 1y ago

Fidelity continues markdowns, cuts fair value of Gupshup and Pine Labs

Fidelity pegged the fair value of Pine Labs at $4.5 billion, while it valued Gupshup at $882 million. Pine Labs was last valued at $5 billion, while Gupshup last raised funds at about $1.4 billion valuation.

US-based Fidelity cuts valuation of Meesho and Pine Labs

Startup News FYI

Startup News FYI · 1y ago

US-based Fidelity cuts valuation of Meesho and Pine Labs

US-based digital asset management company, Fidelity, has reduced the valuations of Indian e-commerce platform, Meesho, and fintech giant, Pine Labs, according to SEC filings. Meesho's valuation dropped from $5 billion to $4.1 billion, while Pine Labs' valuation decreased from $4.7 billion to $3 billion. These adjustments in valuation reflect the internal assessments by Fidelity and Invesco (another investor in Pine Labs) and do not necessarily indicate a permanent change in the startups' overall valuations.

Baron and Invesco mark up Pine Labs’ valuation

Entrackr

Entrackr · 1y ago

Baron and Invesco mark up Pine Labs’ valuation

US-based investment firms Baron Funds and Invesco have marked up the valuation of fintech unicorn Pine Labs. While Baron increased its valuation to $5.8 billion, Invesco marked the firm’s value up to $4.8 billion as of December 2023. Earlier, Baron Funds valued the firm at $5.3 billion in September last year whereas Invesco cut its valuation to $3.9 billion as of October 31. Invesco had last invested $100 million in Pine Labs in September 2021 while Baron Capital led a $285 million round in the fintech unicorn in May. ET reported the development first via regulatory filings with the US Securities and Exchange Commission. Pine Labs has been facing ups and downs in its fair valuation since last year. For the record, Fidelity marked up its stake value in July last year but later slashed its valuation to $3 billion from $4.7 billion as of October. Pine Labs’ revenue continued to climb in FY23 as its collection spiked 56% to Rs 1,588 crore. However, its losses still not tapering down and grew by 12% to Rs 227 crore. The firm is yet to file its FY24 numbers. Pine Labs has been trying to go public for the past few years as its backers including Peak XV Partners are eyeing an exit. Last year, it finalized bankers for an IPO in the US but the attempt didn’t materialize even though the firm’s chief executive Rau refuted the reports of delaying the public listing plan on NASDAQ. On the lines of other large fintechs such as Groww and Razorpay, Pine Labs is seeking to move its domicile to India which appears to have a better public market sentiment for tech companies. Besides Pine Labs, Swiggy, Meesho, FirstCry and Ola Electric also saw markups in their valuation in the last six months.

Fidelity marks up Meesho's valuation by 14% after a cut recently

Money Control

Money Control · 1y ago

Fidelity marks up Meesho's valuation by 14% after a cut recently

Fidelity Investments, a US-based asset management company, has raised the fair value of SoftBank-backed e-commerce platform Meesho by around 14% to $43.24 million as of July. This valuation increase, up from $37.84 million in April, implies a valuation of slightly over $5 billion. Fidelity had invested $42 million in Meesho in September 2021. Meesho had recently reported turning profitable on a profit-after-tax basis in July, though its CFO noted the company still needs to establish a consistent profitability trend before considering an IPO, possibly at least 12 months away.

Invesco reduces fair value of Pine Labs, Swiggy

Economic Times

Economic Times · 11m ago

Invesco reduces fair value of Pine Labs, Swiggy

Invesco, a US-based investor, has reduced the fair value of fintech company Pine Labs and food delivery firm Swiggy in its books, according to its half-yearly shareholder report. As of April 30, Pine Labs was valued at $3.5 billion, down from $3.8 billion in January. Swiggy's valuation was also marginally reduced. Pine Labs, a payments company, recently received court approval to merge its entity in Singapore with its domestic one. Swiggy, on the other hand, has made a confidential filing for its $1.25 billion IPO.

Baron Funds hikes Pine Labs valuation to $5.8 billion, Invesco marks it up to $4.8 billion

Economic Times

Economic Times · 1y ago

Baron Funds hikes Pine Labs valuation to $5.8 billion, Invesco marks it up to $4.8 billion

US funds Baron Funds and Invesco have increased their valuations of Indian digital payments company Pine Labs. Baron Funds now values the company at $5.8bn, up from $5.3bn in September, while Invesco has raised its valuation to $4.8bn from $3.9bn at the end of October. Pine Labs, which provides point-of-sale solutions for merchants, last raised $150m at a valuation of $5bn in 2022. Fidelity, another US fund, marked down Pine Labs' valuation to $3bn in August 2023. Pine Labs reported a net loss of INR2.27bn ($28.76m) for FY23.

IPO watch: Which Indian startups are next to hit the stock market? - The Economic Times

Economic Times

Economic Times · 2d ago

IPO watch: Which Indian startups are next to hit the stock market? - The Economic Times

A wave of companies across various sectors, including fintech, consumer goods, and logistics, is preparing to enter the Indian stock market through initial public offerings (IPOs). Notable companies filing for IPOs include Wakefit, targeting a Rs 468 crore raise, Groww with an estimated value of $700 million to $1 billion, and Pine Labs seeking Rs 2,600 crore. Meanwhile, firms like Meesho and Lenskart are in the preparatory stages for their IPOs.

Startups ‘reverse flip’: Pine Labs, Zepto, Meesho in queue for India return

Economic Times

Economic Times · 1y ago

Startups ‘reverse flip’: Pine Labs, Zepto, Meesho in queue for India return

Pine Labs and Zepto are planning to shift their headquarters to India from Singapore. Pine Labs has approached the National Company Law Tribunal and regulatory authorities in Singapore for approval of a cross-border merger with its Indian operations. Quick commerce firm Zepto is in the final stages of filing a similar application. Meesho is also considering returning to India and is exploring raising fresh funding to meet the additional tax payout. Several Indian-origin companies are looking to move back to India to benefit from the rising valuations in domestic public markets.

New-age companies Pine Labs and Zepto eyeing shift of base to India, says report

Livemint

Livemint · 1y ago

New-age companies Pine Labs and Zepto eyeing shift of base to India, says report

Pine Labs and Zepto, two startups in the payments and quick commerce space respectively, are planning to relocate their headquarters from foreign countries to India. Pine Labs is seeking approval for a cross-border merger involving its Singapore-based holding company and its Indian operations, while Zepto is in the advanced stages of filing a similar application. Another e-commerce platform, Meesho, is considering a fresh fundraising round to accommodate the tax obligations associated with relocating to India. The companies are attracted by the positive regulatory framework and higher valuations offered by the Indian market.

Exclusive: Pine Labs elevates CEO Amrish Rau to MD and Chairman

Entrackr

Entrackr · 2m ago

Exclusive: Pine Labs elevates CEO Amrish Rau to MD and Chairman

Exclusive: Pine Labs elevates CEO Amrish Rau to MD and Chairman Pine Labs, a merchant commerce and payments platform, has promoted its Chief Executive Officer (CEO), Amrish Rau, from the role of Additional Director to Managing Director and Chairman. His elevation comes as the company prepares for its Initial Public Offering. Importantly, Rau continues to be the CEO of the Peak XV-backed firm. The board of Pine Labs has passed a resolution appointing Amrish Rau as the Managing Director and Chairman of the company for a five-year term, effective March 24, 2025, according to its filing with the Registrar of Companies (RoC). Rau joined Pine Labs as its CEO in March 2020. Prior to this, he was chief executive of Prosus-backed PayU India. Pine Labs recently received final approval from the National Company Law Tribunal (NCLT) to reverse flip its Singapore-based entity back to India. With this move, the fintech unicorn joined other Indian unicorn companies such as PhonePe, Groww, Zepto, and Dream11, which also relocated their headquarters back to India recently. The payments firm is eyeing to launch an IPO in the second half of 2025. As per media reports, the company is eyeing a $1 billion public issue and would comprise of issue of fresh equity shares and an offer for sale (OFS). Pine Labs is a merchant commerce platform that offers POS (point of sale) services which let merchants accept plastic cards and QR-based payments in their stores. It also offers Buy Now Pay Later (BNPL), invoice management, and gifting solutions. According to data intelligence startup TheKredible, Pine Labs has raised nearly $1.3 billion in funding to date from investors including Peak XV Partners, Temasek, PayPal, Mastercard, and others. The company currently holds a valuation of $5 billion. While Pine Labs is in the final stages of relocating its domicile from overseas back to India, a number of other startups—including Razorpay, Meesho, KreditBee, Udaan, Livspace, and several others—are also actively working on shifting their domiciles to India.

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