Fintech firm Pine Labs plans an initial public offering in just a year, its chief executive said Thursday, as the company forays into the online payments space it sees as a multibillion-dollar opportunity. .
Pine Labs, which counts venture capital firm Sequoia Capital, Singaporean state investor Temasek, and U.S. companies PayPal and Mastercard among its backers, offers services and tools such as inventory and terminal management. of payment to merchants in Asia and the Middle East.
The company, headquartered on the outskirts of New Delhi, was valued at $ 3.5 billion after a $ 600 million funding round closed in July.
“We are at a point where we will want to consider an IPO option within the next 12 months,” CEO Amrish Rau told Reuters in a virtual interview, declining to say whether the company would be listed overseas. and the assessment she was considering. .
Stock markets have hit an all-time high this year, which has seen many tech startups compete to be listed on the stock exchange. Food delivery company Zomato kicked off the startup listing boom earlier this year, while several others are gearing up for an IPO.
On Thursday, Pine Labs launched three online products, including a payment gateway and a smartphone software development kit under the name “Plural.”
“Over the next 18 months, I see this (online business) will represent a $ 25 billion (annually) opportunity just for Pine Labs,” Rau said.
“We have an opportunity where we can potentially double our volumes in the next two and a half years.”
The payments business of Pine Labs, which sells to industries such as hospitality, telecommunications and electronics, generates up to $ 35 billion in revenue per year.
The company was founded by three engineers in 1998 to provide retail automation solutions to oil companies. It expanded its payment services to merchants in the early 2000s.