Digital payment solutions provider Pine Labs has acquired a significant majority stake in Point-of-Sale end-to-end payment service platform Mosambee. Mumbai based SaaS enterprise Mosambee, is now valued at $100Mn with the investment from Pine Labs.
Mosambee is an EMV (Europay, MasterCard and Visa) enabled comprehensive mobile (POS) Point of Sale system providing end to end payment solutions for Debit and Credit Card transactions. Mosambee also provide wallet payment service. Mosambee operate in India and six other countries, providing both offline and online payment solutions. Mosambee currently provide services to 1 million+ SME Merchants and various government agencies, besides their larger corporate clients
On Pine Labs investing into their company, Mosambee co-founder Sameer Chugh said “We have long admired Pine Labs as an invaluable contributor to the Digital India vision and everyone at Mosambee is thrilled with their investment in us. In fact, Pine Labs was our first partner when we launched our platform. Mosambee today caters to a wide array of businesses, from SMEs to private and government entities to leading banking institutions in India. With extensive reach of Pine Labs and their portfolio companies, we aim to continue to deliver strong profitability and breakthrough solutions to our clients,”
Mosambee, which is run by Synergistic Financial Networks Pvt. Ltd. is currently backed by Rajasthan Venture Capital Find (RVCF) and SIDBI Ventures Ltd. The company had been on the lookout for potential new investors, and had hired the Services of DC advisory bank to scout the market.
Mosambee acquired BNPL-Focused startup Benow in February 2020.
In a press release, Pine Labs has clarified that Mosambee will continue to function as an independent subsidiary and the current team of Mosambee will retain the leadership of the company.
Commenting on the move, Pine Labs Founder Amrish Rau was quoted saying “At Pine Labs, we continue to focus on deep technology and SaaS. Ever since its founding, Mosambee has made tremendous in roads into elevating the merchant experience through cutting-edge fintech solutions. They were a natural fit for us due to our shared purpose of making innovative fintech products accessible to all and driving forward the digital payment revolution in India. I look forward to great outcomes ahead and welcome Sameer and team to the Pine Labs family.”
Pine labs is a prominent merchant commerce platform, which offers cloud-based payment acceptance and merchant commerce solutions to Large, medium and small-scale merchants across India and southeast.
The move comes as Pine Labs is on course to list its Initial Public Offering in the US Stock market. Pine labs has taken an aggressive stance with acquisitions. In February, they acquired payments service platform Qfix Infocomm for an undisclosed amount. They have also been reportedly in positive talks for acquisition of the API infrastructure company Setu. Pine labs also acquired Singapore based startup Fave, to consolidate their presence in Singapore and Malaysia.
Pinelabs is backed by Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.
