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Baron and Invesco mark up Pine Labs’ valuation

EntrackrEntrackr · 1y ago
Baron and Invesco mark up Pine Labs’ valuation
Medial

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.

Baron Capital marks up Swiggy’s valuation to $15.1 Bn

EntrackrEntrackr · 1y ago
Baron Capital marks up Swiggy’s valuation to $15.1 Bn
Medial

US-based asset manager Baron Capital has marked up the valuation of Swiggy to $15.1 billion, according to regulatory filings with the US’ Securities and Exchange Commission (SEC). This is a nearly 25% jump in the company’s valuation from $12.1 billion estimated by Baron as of December 2023. Soon after Baron’s mark up, Swiggy’s early backer Invesco also increased its valuation to $12.7 billion in April. The development was first reported by ET. This comes at a time when Swiggy is gearing up for its initial public offering (IPO). The Bengaluru-based firm received shareholders’ nod to float its $1.25 billion IPO and it reportedly filed papers with SEBI via confidential route in May. Before filing IPO papers, Swiggy was pitching a pre-IPO deal to high net-worth individuals (HNIs) to buy its shares at a 20% discount. Entrackr exclusively reported the development. Swiggy recorded Rs 5,476 crore in revenue from operations and Rs 1,600 crore loss during the first three quarters of the financial year FY24. Entrackr had exclusively reported financial numbers and secondary pitch by the company in April. In FY23, its revenue stood at Rs 8,265 crore in FY23 whereas its losses soared to Rs 4,179 crore. Besides Swiggy, Pine Labs, Meesho, FirstCry and Ola Electric also saw markups in their valuation in the last six months. Swiggy’s arch rival Zomato is currently valued at $18.7 billion, as per stock exchange data. The latter recently hit a market cap of $21 billion. Meanwhile, Baron has marked down edtech company Byju’s valuation to only $24 million as of March 2024. Earlier, BlackRock had already slashed the company’s valuation to $1 billion from $22 billion in early 2022.

Pine Labs’ IPO values firm at $2.7 Bn; Peak XV eyes 40X return while Invesco stares at loss

EntrackrEntrackr · 12d ago
Pine Labs’ IPO values firm at $2.7 Bn; Peak XV eyes 40X return while Invesco stares at loss
Medial

News All Stories Pine Labs’ IPO values firm at $2.7 Bn; Peak XV eyes 40X return while Invesco stares at loss Pine Labs has set its IPO price band at Rs 210-221 per share, valuing the company at around $2.7 billion. The much-anticipated public issue offers stellar exits for early backers but leaves some late-stage investors with little to celebrate. Kunal Manchanada 03 Nov 2025 12:23 IST Follow UsNew UpdateFintech unicorn Pine Labs has set its IPO price band at Rs 210-221 per share, valuing the company at around Rs 23,573 crore ($2.7 billion). The much-anticipated public issue offers stellar exits for early backers but leaves some late-stage investors with little to celebrate.According to Entrackr’s analysis, Peak XV Partners (formerly Sequoia Capital India) will walk away with the biggest windfall, a 39.5X return on its investment. Madison India and Sofina Ventures also stand to book handsome gains of 5.6X and 4.7X, respectively.In contrast, investors who entered during later funding rounds will see far smaller gains or even losses. Temasek and PayPal are expected to make under 3X on their stakes, while Mastercard may clock a 1.7X return. Invesco, which came in at one of the highest valuations, is likely to incur a loss on its investment as the IPO pricing falls below its entry level. Lone Cascade may barely break even with a 1.2X multiple.During the OFS, Peak XV Partners will pocket around Rs 508.4 crore, followed by Actis (Rs 194.7 crore), Temasek (Rs 193.3 crore), PayPal (Rs 150 crore), and Mastercard (Rs 130.9 crore). Others, including Invesco (Rs 71 crore), Madison India (Rs 66.7 crore), Lone Cascade (Rs 53 crore), Sofina Ventures (Rs 44.2 crore), and founder Lokvir Kapoor (Rs 49.1 crore) will also partially cash out.The implied valuation of $2.7 billion marks a steep drop from the $6 billion target Pine Labs was reportedly chasing in 2022. The correction reflects a broader market reset in late-stage fintech valuations as investors prioritize profitability and stable cash flows over hyper-growth narratives.The company’s Rs 3,900 crore IPO comprises a fresh issue of Rs 2,080 crore and an offer for sale (OFS) of 8.23 crore shares by existing shareholders. Proceeds from the fresh issue will be used for debt repayment, technology upgrades, and international expansion.As per the RHP, Peak XV is the largest external shareholder with a 20.25% stake, followed by Temasek (7.06%) and PayPal (5.98%). Actis Pine Labs Investment holds 5.75%, while Mastercard and Alpha Wave own 5.22% and 3.37%, respectively.Pine Labs reported a 28.5% year-on-year growth in revenue to Rs 2,274 crore in FY25 from Rs 1,769 crore in FY24, while net losses declined by 57% to Rs 145 crore during the same period. Notably, in the first quarter of FY26, the company turned profitable, posting a net profit of Rs 4.7 crore on a revenue of Rs 616 crore.If successful, the listing could provide much-needed momentum to India’s fintech IPO pipeline, including players like Razorpay and Cashfree, though future offerings are likely to chase more realistic valuations aligned with today’s tempered investor sentiment.

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