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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