Pine Labs, a point of sale payment Solution Company has announced that it has raised fresh funding of worth Rs 707 crore from its Singapore based parent entity Pine Labs Pte Ltd.
The company has passed a resolution during a meeting held on 27th July, to issue more than 2.35 crore equity shares to the holding entity for a face value of Rs 1 and security premium of Rs 299 per share, raising Rs 707 crore.
Additionally, it was also resolved to allot 5,271 shares to Keith Boodle for Rs 15.81 lakhs.
Keith Boodle has served as the assistant vice president in the company from April 2012 to October 2014 as per the ROC filings accessed by Tofler.
The Noida based firm, with this fresh capital infusion, now values at around Rs 3,500 crore.
To complete the acquisition of the Bengaluru-based smart card solutions service – Qwikcliver, the funds will be used. The Bengaluru based company was taken over by the Pine Labs in March 2019 for around USD 110 million.
Pin Labs was launched in 1998, and it started its operations as the smart card provider for the petroleum companies for their loyalty programs. In 2004, the company pivoted to provide Point Of Sale (POS) solutions and pursued VISA/EMV certification to process credit/debit card payments.