Digital Payments Firm Pine Labs Halts Its IPO Plan As Volatility Continues: Report
According to a media report, financially Pine Labs is in a sound position and has already raised more than USD 1.1 billion. Amrish Rau, CEO said, "We are in no hurry right now to go for an IPO"
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Pine Labs, a digital payments firm amidst market uncertainties and a volatile environment defers its initial public offering (IPO) plan. As per a media report, its CEO Amrish Rau said that he will not go ahead with a planned listing considering the rout in the global markets and wait for better climes.
In January 2023, merchant commerce platform Pine Labs acquired a proprietary enterprise platform from Bengaluru-based Saluto Wellness at an undisclosed amount.
Pine Labs has a leading presence in India in prepaid, stored value, and gift card solutions through its 2019 acquisition of Qwikcilver, an entity that merged with the Amris Rau-led company in September 2022.
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