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Mastercard in talks to invest in Pine Labs

Jan 22, 2020 by The Passage Team
Mastercard in talks to invest in Pine Labs

Global payments technology giant Mastercard is in talks to invest in India’s largest point-of-sale (PoS) solutions provider Pine Labs as part of a USD 300 million financing round, three people aware of the development told Economic Times.

The transaction, which would value the Singapore and Noida-based firm at USD 1.2-1.5 billion, will likely involve a mix of primary and secondary shares and give Mastercard a firm footing in the fast-growing merchant acquiring segment.

Venture capital fund Sequoia Capital, the largest stakeholder, could make a partial exit as Pine Labs vaults into the unicorn club of privately-held tech firms with valuation of USD 1 billion or more. Sequoia has been invested in Pine Labs since 2009 and holds an estimated 68% stake. It could offload 15-25% to the incoming investor, said the people cited above.

Source: Economic Times

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