Indian retail payments platform Pine Labs has raised $125m from investment company Temasek and American digital payments company PayPal.
The announcement comes nearly three months after the previous round of funding when Pine Labs raised $82m from private equity fund Actis and Altimeter Capital in March.
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The company plans to use the new funds to expand its product suite as well as introduce new payment services for merchants, banks and other entities.
It also intends to utilise Temasek’s network in various Asian markets to expand its operations as well as leverage PayPal’s technological expertise to upgrade its product portfolio.
Pine Labs plans to use the network of Temasek in multiple Asian geographies to scale up its operations in the south-east Asian region.
Commenting of new funding, Pine Labs founder Lokvir Kapoor said: “We’re teaming up with Temasek and PayPal at a time when the Indian payments market is at an inflexion point.
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By GlobalData“We are a leader in the offline payments space, a position that is critical in enabling the ecosystem of online payment products.
“The investments will help us move a step closer to our vision for building a world-class merchant-centric payments ecosystem.”
