A fintech start-up and point-of-sale (POS) deploying company Pine Labs (runs the backend software and solutions for Point of Sale terminals (PoS)) is ready for its next growth. Recently a private equity fund Actis and California based investment company Altimeter Capital have invested $82 million (around Rs 530 crore) in a round to support more digital payments acceptance by retail merchants, strengthening the technology and expanding operations over international boundaries.

Pine Labs already has over 70,000 merchants and 3, 00,000 PoS machines in India, and has started to emulate its strategy in South East Asian Market last year (November-December) itself. In November 2017, Company did a tie-up with one of biggest banks of Malaysia serving several thousand merchants. Also, company has offices in Dubai. Further expansion plans of Pine Labs are other Gulf nations and countries like Vietnam, Philippines, and Thailand.

A part of the funds raised from Actis and Altimeter will also be used to expand into international markets. The Ex CEO Mr. Lokveer Kapoor said, “In the next two-three years, we are looking at a revenue of around 25% from international markets. When we enter a new market, we have to set up the infrastructure for the processing of payments, which includes networks, data centers, security set-up, support services.”

Currently, Pine Labs handles over 8,000 crores of volume with more than 40 million transactions in a month. And as per filings with the Ministry of Corporate Affairs, it has reported a revenue of Rs 195 crore in the financial year 2017, which is 73 crores more than the previous year 2016.

With new growth plans and strategy, company has recently announced Mr. Vicky Bindra as its new Chief Executive Officer (CEO) after Mr. Lokveer Kapoor. Vicky’s exposure and expertise in the global payments and financial sector will play a crucial role in leading Pine in the next phase of its journey.

Along with the international foray, Pine Labs will continue to focus on India as there is 90% more headroom to grow. In India, there are only 800 terminals for every 1 million people compared to 40,000 in China and 33,000 in Brazil.

Initially Sequoia Capital was the first investor who invested in the company in 2009. Sequoia has the largest shares of the company till date. With its new partnership with Actis and Altimeter, Pine Labs is ready to set new growth standards for coming years.