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Pine Labs' Valuation Rises: A Fintech Unicorn on the Move

US-based investment firms Baron Funds and Invesco have revised the valuation of fintech unicorn Pine Labs. Baron increased its valuation to $5.8 billion, while Invesco raised it to $4.8 billion as of December 2023.

Baron Funds had previously valued the firm at $5.3 billion in September of the previous year, while Invesco had reduced its valuation to $3.9 billion as of October 31.

In September 2021, Invesco had invested $100 million in Pine Labs, and Baron Capital led a $285 million round in the fintech unicorn in May of the same year.

The development was first reported by ET through regulatory filings with the US Securities and Exchange Commission.

Pine Labs has experienced fluctuations in its fair valuation since last year. Fidelity, for instance, raised its stake value in July of the previous year but later reduced its valuation to $3 billion from $4.7 billion as of October.

Despite a 56% increase in collection to Rs 1,588 crore, Pine Labs' revenue continued to climb in FY23. However, its losses also increased by 12% to Rs 227 crore. The firm has yet to file its FY24 numbers.

Pine Labs has been attempting to go public for the past few years, with its backers, including Peak XV Partners, looking for an exit. Last year, it selected bankers for an IPO in the US, but the attempt did not materialize, even though the firm's CEO, Rau, denied reports of delaying the public listing plan on NASDAQ.

Following the trend of other large fintechs like Groww and Razorpay, Pine Labs is considering moving its domicile to India, where there seems to be a better public market sentiment for tech companies.

In addition to Pine Labs, Swiggy, Meesho, FirstCry, and Ola Electric have also seen increases in their valuations in the last six months.


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