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Pine Labs appoints Avendus’ Sameer Kamath as CFO ahead of IPO - The Economic Times

Economic Times

Economic Times · 25d ago

Pine Labs appoints Avendus’ Sameer Kamath as CFO ahead of IPO - The Economic Times

Pine Labs, a merchant payments company, appointed Sameer Kamath as CFO, replacing Marc Mathenz. Kamath, with over 20 years’ financial experience, will manage finance strategy, accounting, and investor relations. As Pine Labs prepares for its IPO, targeting a valuation of $4.5–5 billion, Kamath’s expertise is seen as pivotal. The company, supported by major investors, is strengthening its leadership, including the return of Shalini Saxena as general counsel.

Related News

IPO-bound Pine Labs to appoint Avendus’ Sameer Kamath as new CFO - The Economic Times

Economic Times

Economic Times · 2m ago

IPO-bound Pine Labs to appoint Avendus’ Sameer Kamath as new CFO - The Economic Times

Pine Labs is set to appoint Sameer Kamath as its new CFO, following the resignation of Marc Mathenz. Kamath, currently CFO at Avendus Capital, will join the IPO-bound merchant payments company soon. This change coincides with Shalini Saxena returning as general counsel. Pine Labs, aiming for a $4.5-$5 billion valuation, plans to raise Rs 2,600 crore through a share issue. It counts major shareholders like Peak XV Partners, Mastercard, PayPal, and Actis.

Pine Labs converts into public, appoints independent directors

Entrackr

Entrackr · 3m ago

Pine Labs converts into public, appoints independent directors

Pine Labs, a merchant commerce and payments platform, is set to debut on the Indian stock exchange, with its Indian entity recently converted into a public company — a key step toward its planned IPO. This conversion comes just weeks after the company received final approval from the National Company Law Tribunal to shift its domicile from Singapore to India. The board at Pine Labs has passed a resolution for approval to change its status to a public company and rename it from “Pine Labs Private Limited” to “Pine Labs Limited” as per its regulatory filing. The fintech unicorn also appointed three independent directors in compliance with the Companies Act, ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India. Pine Labs has appointed Amrita Gangotra, Smita Chandramani Kumar, and Maninder Singh Juneja as independent directors, as per the filing. Gangotra, with over 35 years of experience in tech and business leadership, also serves on the boards of companies including Triveni Turbine, Max Healthcare, and ABB India. Kumar, a former RBI official with over three decades of experience, and Juneja, who has held senior roles at ICICI Bank, TransUnion CIBIL, and Niva Bupa, also sit on multiple boards. Last month, Pine Labs promoted its Chief Executive Officer (CEO), Amrish Rau, from the role of Additional Director to Managing Director and Chairman. Entrackr exclusively reported the development. The payments firm is eyeing to launch an IPO in the second half of 2025. As per media reports, it’s eyeing a $1 billion public issue and would comprise of issue of fresh equity shares and an offer for sale (OFS). Pine Labs also roped in Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies as bankers. 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 to merchants. According to startup data intelligence platform 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.

Kenro Capital eyes up to $40 mn stake in Pine Labs as early backers seek exits

Livemint

Livemint · 1m ago

Kenro Capital eyes up to $40 mn stake in Pine Labs as early backers seek exits

Kenro Capital is considering a $30-40 million investment in Pine Labs as the fintech company’s initial investors seek exits ahead of its IPO. Pine Labs recently filed a draft red herring prospectus with the Securities and Exchange Board of India for its public offering, planning to issue fresh equity worth ₹2,600 crore and an offer-for-sale of over 14.78 crore shares. The company was valued at $5.05 billion in 2022 after raising funds from Vitruvian Partners.

Invesco reduces fair value of Pine Labs, Swiggy

Economic Times

Economic Times · 1y 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.

Pine Labs gets NCLT nod to reverse flip Singapore entity

Economic Times

Economic Times · 4m ago

Pine Labs gets NCLT nod to reverse flip Singapore entity

Pine Labs has received approval from the National Company Law Tribunal (NCLT) to merge its Singapore entity with its Indian entity, effectively reverse flipping its parent company back to India. This aligns Pine Labs with other fintech firms like Groww and potentially Razorpay making similar moves. With all statutory and regulatory approvals in place, Pine Labs plans to list on Indian stock exchanges. The company, valued at $5 billion, aims for a billion-dollar IPO despite market uncertainties.

Fintech firm Pine Labs weighs $1 billion IPO in India

Economic Times

Economic Times · 1y ago

Fintech firm Pine Labs weighs $1 billion IPO in India

Pine Labs, a digital payments provider based in Asia, is considering raising around $1 billion in an initial public offering (IPO) in India. The company, backed by Peak XV Partners and Mastercard, may seek a valuation of over $6 billion in the IPO. Pine Labs currently serves over 500,000 merchants in various regions and offers payment and financial solutions. If successful, this would be the largest IPO by an Indian fintech firm after Paytm's $2.5 billion offering earlier this year.

Peak XV-backed Pine Labs targeting IPO in second half of 2025

VCCircle

VCCircle · 5m ago

Peak XV-backed Pine Labs targeting IPO in second half of 2025

Pine Labs, an Indian fintech backed by Peak XV, is planning a domestic IPO in the second half of 2025 despite current weak market conditions. CEO Amrish Rau emphasized focusing on building a lasting company rather than being swayed by the market. The $1 billion IPO will involve raising fresh capital and selling some existing stakes. Pine Labs, last valued at $5 billion, is diversifying income streams and focusing on tech solutions for financial institutions.

Pine Labs to file DRHP for Rs 5,000-6,000 crore IPO by June-end

Economic Times

Economic Times · 2m ago

Pine Labs to file DRHP for Rs 5,000-6,000 crore IPO by June-end

Pine Labs, a merchant payments and lending firm, plans to file its draft red herring prospectus (DRHP) with SEBI by June, aiming for a Rs 5,000-6,000 crore IPO, targeting a $4-5 billion valuation. The company has appointed Axis Capital, JP Morgan, and others as bankers. Pine Labs reported Rs 1,743 crore in revenue for FY24 with a Rs 339 crore loss before tax. It previously attempted a US listing in 2022.

Pine Labs files for IPO, eyes Rs 2,600 Cr fresh fundraise

YourStory

YourStory · 2m ago

Pine Labs files for IPO, eyes Rs 2,600 Cr fresh fundraise

Pine Labs has filed draft papers with SEBI for an IPO, aiming to raise Rs 2,600 crore through a fresh share issue. Existing investors, including Peak XV Partners, PayPal, and Mastercard, plan to offload up to 147.8 million shares. The funds will support international expansion, technological development, and debt reduction. Additionally, Pine Labs' entities reported increased FY24 losses due to rising expenses, despite modest revenue growth. Morgan Stanley, Citigroup, and Jefferies are lead managers for the IPO.

Exclusive: Pine Labs looks at merger possibility with peer to brighten IPO prospects

VCCircle

VCCircle · 1y ago

Exclusive: Pine Labs looks at merger possibility with peer to brighten IPO prospects

Pine Labs, an Indian digital payments company, is considering a merger with a local fintech company in a bid to enhance its IPO prospects. The company, which is moving its base back to India from Singapore, aims to achieve a combined listing through the merger. Pine Labs is backed by investors including Peak XV Partners and private equity firm Actis.

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