Representative image. Merchant payments and lending platform Pine Labs has raised $50 million from United Kingdom-headquartered investment firm Vitruvian Partners, the company said on March 30. The fundraise is one of three investments received by Pine Labs this year as the company gears up for its $500 million initial public offering (IPO) in the United States. While Pine Labs did not reveal its valuation after the round, Moneycontrol learnt that it stands at $5-5.5 billion. Pine Labs CEO Amrish Rau said in a statement, “At Pine Labs, we are deeply focused on the omnichannel play and are building frictionless and seamless payment experiences for our merchant partners and large enterprises. We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later (BNPL) offering to new markets through strategic collaborations.” In January this year, Pine Labs also secured a $20 million investment from India’s largest lender State Bank of … [Read more...] about Bourse-bound Pine Labs raises $50 mn from UK-based Vitruvian Partners, likely earning a valuation of $5.5 bn
Vitruvian
Turtlemint raises $120 million in Series E funding, inches closer to unicorn tag
Representative image. Insurtech platform Turtlemint has raised $120 million in a Series E round led by Amansa Capital, Jungle Ventures and Nexus Venture Partners, the startup said on April 29. Post the round, Turtlemint's valuation stands at $900 million, inching closer to the unicorn tag. The round also saw participation from new investors Vitruvian Partners and Marshall Wace, along with other existing investors. This brings the total funding raised by the company since its inception to $190 million. The company intends to use the fresh funds to expand in new geographies, scale its leadership team and strengthen its product stack. Moneycontrol had reported in November 2021 that the insurtech startup is eyeing a unicorn tag after insurance marketplace Policybazaar's parent company PB Fintech went public. At $1 billion, the company's valuation could have grown by five times. In 2021, Indian insurtech platforms saw large investor interest which was further aided by the … [Read more...] about Turtlemint raises $120 million in Series E funding, inches closer to unicorn tag
Byju Raveendran floats Byjus Investments to route funds into Byju’s
Byju Raveendran, Byju’s founder and CEO. Byju Raveendran, the founder and CEO of India's most-valued startup Byju’s, has set up a separate entity called Byjus Investments to route investment into Think and Learn, the entity that runs the edtech Byju's. Byjus Investments Pvt Ltd, an entity registered with the Registrar of Companies Bangalore, will serve as the vehicle to route the $400 million that Raveendran said he will invest in Byju’s in March, as part of a larger $800-million financing round. According to data available on the Ministry of Corporate Affairs website, the entity was set up on March 7, four days before Byju’s announced the fundraise, with a paid-up share capital of Rs 100 crore and an authorised share capital of Rs 110 crore. The MCA website also shows Byju Raveendran, Divya Gokulnath and Riju Ravindran as Byjus Investments’ directors. Gokulnath is Raveendran’s wife and Co-founder of Byju’s, while Ravindran is a director at Byju’s and a few companies … [Read more...] about Byju Raveendran floats Byjus Investments to route funds into Byju’s