Hogan Lovells Lee & Lee in Singapore recently acted as lead transaction counsel to PayPal on the US$125m investment round in Pine Labs, India’s largest retail payment platform, together with Temasek, the sovereign investment fund of the Singapore government.
Pine Labs is a provider of retail point of sale solutions, processing more than US$15bn worth of payments through 450 million transactions each year (around 15% of India’s cashless transactions in physical stores). The company has developed a cloud-based payments platform allowing merchants to accept traditional electronic payment methods such as credit or debit cards issued by any bank, e-wallets, QR code payment solutions, and other Unified Payments Interface (“UPI”) based solutions on a single platform, whilst offering retailers targeted customer-engagement campaigns.
This latest investment comes hot on the heels of an US$82m injection from private equity funds Actis Capital and Altimeter Capital in March this year, valuing Pine Labs at US$900m. It is therefore believed that this latest transaction has vaulted Pine Labs into the coveted “unicorn” club (those privately held start-ups valued at more than US$1bn). The funds will help Pine Labs expand its presence in India and further develop its product suite, at a time when Indian authorities are making a concerted effort to push digital payments through policies such as demonetisation and the introduction of UPI.
The team was led by Hogan Lovells Lee & Lee Managing Partner and Asia Pacific Head of Corporate Stephanie Keen (Picture) and assisted by Senior Associate Matthew Bousfield.
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