Fintech unicorn Pine Labs on Friday said that it raised $150 million from Alpha Wave Venture. This funding has catapulted the startup to USD 5 Billion Valuation.
“We can confirm that Alpha Wave Venture has invested 150Mn in Pine Labs. We are happy to bring a marquee investor on board,” said Amrish Rau, CEO, Pine Labs in a statement.
Amrish added that its Omni Channel strategy has been showing strong revenue growth. “We are also seeing strong growth in international markets.”
Pine Labs IPO Bound Journey starts on a Promising Note as it Raises $150 Million
Alpha Wave Ventures is a venture fund managed by Chimera Investments and Alpha Wave Global, previously known as Falcon Edge Capital, and has made 28 investments in India last year. Alpha Wave Global is the investor behind a few Indian Unicorns such as Swiggy, Dealshare, CRED, Dream 11.
ET reported that this would take the valuation of the startup Pine Labs to over $5 billion.
In 2021, the company raised a total of $600 million in two tranches. This round includes marquee investors such as Fidelity Management and Research Company, BlackRock Inc, a fund advised by Neuberger Berman Investment Advisers LLC, Ishana, Tree Line, IIFL AMC via its ‘Late-Stage Tech Fund’, and Kotak.