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New Delhi, Mar 3 () Merchant commerce platform Pine Labs on Tuesday said it has appointed Amrish Rau as its chief executive officer.Rau brings fintech, entrepreneurial and corporate experience to his new role as the chief executive officer (CEO) and replaces Vicky Bindra, a statement said.Bindra, after a two-year stint as the CEO, is moving back to San Francisco and will continue to be an advisor to the company supporting strategic initiatives, it added.Rau's startup - Citrus Pay, which was funded by Sequoia India, was acquired by PayU in 2016 in one of the largest fintech acquisitions. He has also served as the managing director for First Data Asia, NCR and Siemens Nixdorf. "I am excited to welcome Amrish to the Pine Labs family. With Amrish's ability to innovate, seek out options with channels and customers we believe Pine Labs can be a true global commerce platform," Pine Labs Executive Chairman Lokvir Kapoor said.Pine Labs has evolved into offering payment acceptance technology, stored value products, in-store consumer credit and other merchant solutions in India, Southeast Asia and the Middle East. It processes payments of USD 30 billion per year and serves about 1.4 lakh merchants across about 4.5 lakh network points.Its key investors are Sequoia India, Actis Capital, Temasek, PayPal, Sofina and Mastercard. SR RUJ

Pine Labs appoints Amrish Rau as CEO

<ul><li><keyword id="3827754" type="General" weightage="20" keywordseo="pinelabs" source="Orion">PineLabs</keyword> on Wednesday announced an investment in <keyword id="3465176" type="General" weightage="20" keywordseo="mosambee" source="Orion">Mosambee</keyword>.</li><li>This investment will now value Mosambee at upwards of $100 million.</li><li>Mosambee has a base of 1 million SME merchants and various government departments.</li></ul>Initial public offering (IPO)-bound fintech startup PineLabs on Wednesday announced an investment in Mosambee — an end-to-end payment solution provider in India — in exchange for a majority stake. This investment will now value Mosambee at upwards of $100 million, PineLabs has revealed. The leadership team at Mosambee will continue to operate independently and serve the needs of their customers spread across diverse industries. Founded in 2008 by Alok Arora, Bhushan Thaker and Sameer Chugh, Mosambee is a payment solution company that caters to both online and offline merchants in India and six other countries. The company claims to have a base of 1 million small, medium enterprises (SME) merchants and various government departments, who use Mosambee’s solutions to digitise their payment collections. “With the extensive reach of Pine Labs and their portfolio companies, we aim to continue to deliver strong profitability and breakthrough solutions to our clients,” Mosambee’s cofounder Chugh said. According to business intelligence platform Crunchbase, Mosambee has raised over $2.5 million prior to this. It is backed by Small Industries Development Bank of India (SIDBI) Venture Capital and Rajasthan Venture Capital Fund. Earlier this year, Mosambee announced the acquisition of Cashless Technologies that runs Benow, a ‘Buy Now, Pay Later’ startup. “Ever since its founding, Mosambee has made tremendous progress in 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,” Amrish Rau, the chief executive officer (CEO) of PineLabs, said in a statement. Founded in 1998 by Lokvir Kapoor, Pine Labs is a merchant payment solutions firm that enables businesses to accept online and offline digital retail transactions. The company powers over 250,000 merchants across over 675,000 merchant network touchpoints in India and Southeast Asia. Pine Labs serves prominent large, mid-sized and small merchants across Asia and the Middle East, including Apple, Starbucks Corp, McDonald's Corp and more. It is planning on hitting the public market soon, and filed for a initial public offering (IPO) in the US in January this year. The company is reportedly planning to raise half a billion dollars from the public market, at a valuation of $6-7 billion. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/infosys-icici-bank-vedanta-among-stocks-to-watch-out-for-on-april-13/slidelist/90811799.cms">Infosys, ICICI Bank, Vedanta among stocks to watch out for on April 13</a> <a href="https://www.businessinsider.in/business/telecom/news/recommended-spectrum-prices-are-backed-by-scientific-calculations-says-trai-chief-vaghela/articleshow/90812587.cms">Recommended spectrum prices are backed by scientific calculations, says Trai chief Vaghela</a> <a href="https://www.businessinsider.in/india/news/retail-inflation-rose-to-6-95-in-march-government-data/articleshow/90802182.cms">Retail inflation rises to 6.95% in March on costlier food items</a>

IPO-bound PineLabs just added a million merchants to its kitty with its latest acquisition

Merchant commerce platform <keyword id="1552189" type="COMPANY" weightage="20" keywordseo="Pine-Labs">Pine Labs</keyword> on Monday said it has completed a new round of financing from investors including Baron Capital Group, Duro Capital, <keyword id="4699572" type="COMPANY" weightage="20" keywordseo="marshall-wace">Marshall Wace</keyword>, Moore Strategic Ventures, and <keyword id="252562" type="COMPANY" weightage="20" keywordseo="Ward-Ferry-Management">Ward Ferry Management</keyword>. Existing investors Temasek, Lone Pine Capital, and Sunley House Capital also participated in this <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword> round, a statement said. "We raised USD 285 million. We want to thank Puri Kaaynath for supporting and backing us. Our teams, families, customers, and investors," Pine Labs CEO B Amrish Rau said in a LinkedIn post. This translates to about ₹2089 crore. In December last year, Pine Labs had announced raising funding from Lone Pine Capital, valuing it at over USD 2 billion (about ₹14,700 crore). In January 2020, <keyword id="6368201" type="COMPANY" weightage="20" keywordseo="mastercard">Mastercard</keyword> had invested in the company, placing the <keyword id="2461546" type="COMPANY" weightage="20" keywordseo="FinTech">fintech</keyword> firm in the <keyword id="3009432" type="COMPANY" weightage="20" keywordseo="unicorn-club">unicorn club</keyword> (companies with a valuation of USD 1 billion). Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal, and Mastercard. "In this significantly oversubscribed round, in addition to primary proceeds, Pine Labs enabled secondary transactions for its founder, employees, and early shareholders as it is already a well-financed company with a strong balance sheet and has been EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) profitable for several years," a statement said. Pine Labs currently serves more than 1.5 lakh merchants across Asia and the Middle East. Its payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world. Pine Labs had recently launched its popular Buy Now, Pay Later proposition in Malaysia and plans to take its integrated Pay Later installment solution to newer markets in Southeast Asia. Last month, Pine Labs had also announced the acquisition of Fave, a Southeast Asian consumer fintech platform. "This is an exciting phase in our journey as we enter newer markets. We excel in enterprise merchant payments and now want to scale new frontiers in the online space as well, at the same time continue to power the credit and commerce needs of our offline merchant partners," Rau said in a statement. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-pre-registrations-to-begin-on-may-18/articleshow/82702403.cms">PUBG Mobile: Battlegrounds Mobile India pre-registrations to begin on May 18 – rewards, maps and more</a> <a href="https://www.businessinsider.in/business/startups/news/ratan-tata-backed-moglix-is-the-13th-unicorn-from-india-this-year/articleshow/82702143.cms">Ratan Tata-backed Moglix is the 13th unicorn from India this year</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-hints-that-tesla-may-dump-its-billion-dollar-bitcoin-investment/articleshow/82699553.cms">Elon Musk hints that Tesla may dump its billion dollar Bitcoin investment — here’s why his tweets have so much power</a>

Sequoia and PayPal-backed Pine Labs completes a first close of $285 million funding round from new investors

<ul><li><keyword id="1552189" type="General" weightage="20" keywordseo="pine-labs" source="Orion">Pine Labs</keyword>’ former CTO Sanjeev Kumar will now head the research and development (R&amp;D) vertical.</li><li>Kalagara has spent 12 years working with PayPal, three years at Flipkart and about 8 years working in the USA.</li><li>Pine Labs is expected to file the preliminary paperwork for its public listing by the end of October.</li></ul>Payments company Pine Labs, which is expected to file for its initial public offering (IPO) soon, has appointed former Flipkart executive <keyword id="12347953" type="General" weightage="20" keywordseo="phanimohan-kalagara" source="Orion">Phanimohan Kalagara</keyword> as its chief technology officer (CTO). Sanjeev Kumar, former CTO of Pine Labs, will now move to a new role within the company and head the research and development (R&amp;D) vertical. Phanimohan Kalagara has over two decades of experience in the field of technology having worked in ecommerce, financial technology, and computer-aided design &amp; computer-aided manufacturing (CAD/CAM) industries. He also has expertise in emerging technologies like virtual reality. “With Pine Labs, I see a massive opportunity to make a substantial difference to the future of merchant commerce in Asia. Looking forward to being part of this team that is set to shift the fintech landscape in Asia," Kalagara said in a press note. He has previously worked as the senior vice president of product and engineering at Flipkart, senior director of engineering PayPal and director of software development at Advanced Interactive Systems. He spent 12 years working with PayPal and three years at Flipkart. “We have made several new appointments in the past one year to bolster our technology capabilities. Phani [Kalagara] comes with a wealth of experience in product and engineering and is the right man to lead our Technology team during this exciting phase of growth for the company,” Amrish Rau, chief executive of Pine Labs, said. Pine Labs is expected to file the preliminary paperwork for its public listing by the end of October. The company is expected to list in Nasdaq listing in the US and plans to raise over a billion dollars from this issue, as per media <a href="https://www.livemint.com/market/ipo/pine-labs-may-file-for-nearly-1-bn-nasdaq-ipo-by-oct-end-11633888624007.html">reports</a>. The company has reportedly hired investment bank Morgan Stanley to manage the proposed IPO. The Noida-based fintech startup has raised $838 million to date from marquee investors like IIFL Asset Management, Fidelity Management and Research Company, Neuberger Berman Loan Advisers Holdings and more. Pine Labs had raised $100 million from Invesco Developing Markets Fund in September, and it is now valued at $3 billion. SEE ALSO <a href="https://www.businessinsider.in/tech/enterprise/news/facebook-plans-to-rebrand-itself-to-a-metaverse-company-with-a-new-name/articleshow/87150303.cms" data-type="tilCustomLink" style="">Facebook plans to rebrand itself to a metaverse company with a new name</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-rolls-out-redesigned-icons-working-on-done-and-undo-buttons-for-media-editing/articleshow/87131523.cms" style="">WhatsApp rolls out redesigned icons, working on “Done” and “Undo” buttons for media editing</a> <a href="https://www.businessinsider.in/tech/news/facebook-tests-new-feature-that-will-allow-users-to-cross-post-their-videos-and-photos-on-instagram/articleshow/87131315.cms" style="">Facebook tests new feature that will allow users to cross-post their videos and photos on Instagram</a>

IPO-bound Pine Labs appoints former Flipkart, PayPal exec Phanimohan Kalagara as CTO

Merchant commerce platform <keyword id="1552189" type="COMPANY" weightage="20" keywordseo="Pine-Labs">Pine Labs</keyword> on Tuesday said it has acquired <keyword id="7784572" type="COMPANY" weightage="20" keywordseo="fave">Fave</keyword>, Southeast Asia's fast-growing consumer fintech platform, for over $45 million. Pine Labs said that with this acquisition, the consumers in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> will be able to use Fave app later this year to save across 500,000 merchant network points powered by Pine Labs across 3,700 cities. ""Fave helps consumers apply their best rewards, coupons, gift cards and cashbacks on all transactions in a seamless manner. We are excited to partner with them in this journey in South East Asia and India," said B. Amrish Rau, CEO, Pine Labs. Fave founders will lead the overall consumer platform across Asia and hire over 100 new employees. Pine Labs said that Fave's investors will receive an all-cash payout, while founders and key Fave employees will receive both cash and Pine Labs shares. To date, Fave has enabled six million consumers in Southeast Asia to save over $400 million across 40,000 retailers since 2016. The acquisition will help both companies accelerate their growth in the Asia region and unlock massive consumer opportunities across retail, <keyword id="117643" type="COMPANY" weightage="20" keywordseo="FB">F&amp;B</keyword>, fashion, and <keyword id="34523" type="COMPANY" weightage="20" keywordseo="fmcg">FMCG</keyword> markets. "We are confident that the APAC e-payments landscape will continue to achieve exponential growth in the coming decade. Together, we will be stronger, faster and better," said Joel Neoh, <keyword id="170488" type="COMPANY" weightage="20" keywordseo="co-founder">Co-Founder</keyword> and CEO of Fave. Fave currently operates in 35 cities across Malaysia, Singapore, and Indonesia and will arrive in India later this year. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbis-g-sap-1-0-is-certainly-a-much-needed-demand-lever-to-support-the-government-borrowing-programme/articleshow/82042416.cms">RBI’s G-SAP 1.0 is certainly a much needed demand lever to support the government borrowing programme</a> <a href="https://www.businessinsider.in/tech/news/elon-musk-owned-internet-service-starlinks-india-entry-under-scrutiny-of-dot-report-suggests/articleshow/82043618.cms">Elon Musk-owned internet service Starlink’s India entry under scrutiny of DoT, report suggests</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-has-broken-many-records-in-the-last-the-three-months-from-revenue-to-new-deals-to-new-hiring/articleshow/82034522.cms">TCS has broken many records in the last three months — but that isn't good enough for the market</a> <a href="https://www.businessinsider.in/business/news/gautam-adani-and-mukesh-ambani-cumulatively-lost-nearly-7-billion-as-the-markets-plunged/articleshow/82043202.cms">Gautam Adani and Mukesh Ambani cumulatively lost nearly $7 billion as the markets plunged</a>

Pine Labs just spend $45 million to acquire one of Southeast Asia's fastest growing fintech platforms

Mumbai, Mar 9 () Karbon Card, which is into gift cards for startups, has raised USD 2 million in seed funding from angel investors from India and China, including Kunal Shah of Cred, Amrish Rau ex-PayU and Jitendra Gupta of Jupiter among others. The Bengaluru-based company plans to use the funds for product development, operations and market expansion. Aimed at providing a financial platform for entrepreneurs, the start-up offers corporate cards packed with tools and rewards for new age startups. The interest-free corporate credit card includes rewards specific to startups and expense management software among others. The Karbon Card features include reward programme, expense management software, auxiliary features and travel concierge. BEN MKJ

Karbon Card raises USD 2 mn from angel investors

Domestic short-format video app <keyword id="9292226" type="UNKNOWN" weightage="20" keywordseo="Mitron-TV">Mitron TV</keyword> on Tuesday said it has made its debut on iOS devices, enabling Apple users to create, upload, view and share one-minute videos. The app was first made available on the Android Play Store and in just six months, witnessed significant traction with over 39 million downloads. "Given the phenomenal response that Mitron TV has received on Android, I have no doubt that the app will be equally well-received on iOS," Shivank Agarwal, Co-Founder and CEO, Mitron said in a statement. "I am pleased to offer my fellow Indians and content entrepreneurs a home-grown social video platform that enables them to showcase their skills whilst inspiring and entertaining a host of like-minded people," Agarwal added. The iOS version will also have 'categories' which was launched for the Android version recently, allowing viewers to discover videos that offer a perfect match to their interests. Mitron's iOS app offers advanced video editing options, empowering creators to make distinctive content for an immersive experience. Mitron recently raised $5 million, in a fund-raising round led by Nexus Venture Partners, 3one4 Capital and other angel investors like Deep Kalra (MakeMyTrip), Amrish Rau (Pine Labs), Jitendra Gupta (Jupiter Money) and others. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/china-launches-three-new-spy-satellites-amid-border-dispute-with-india-and-tensions-in-the-south-china-sea/articleshow/78886330.cms">China launches three new spy satellites amid border dispute with India and tensions in the South China Sea</a> <a href="https://www.businessinsider.in/stock-market/news/kotak-mahindra-bank-share-price-jumps-after-earning-reports-and-possible-msci-inclusion/articleshow/78887434.cms">Kotak Mahindra Bank surges 10% on earnings upgrades and potential MSCI inclusion</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-is-looking-to-expand-operations-in-canada-if-h-1b-visa-issues-persist/articleshow/78884838.cms">EXCLUSIVE: HCL Tech is expanding operations in Canada as H-1B visa issues persist</a>

After Google Play, TikTok-clone Mitron TV debuts on Apple App Store

<keyword id="8901041" type="UNKNOWN" weightage="20" keywordseo="FamPay">FamPay</keyword>, a <keyword id="2461546" type="COMPANY" weightage="20" keywordseo="FinTech">fintech</keyword> startup focussed on teenagers, on Wednesday said it has raised USD 38 million (about ₹278.4 crore) in funding, led by Elevation Capital and existing investor <keyword id="136147" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital-India">Sequoia Capital India</keyword>. Other early investors, Venture Highway, Y Combinator, Global Founders Capital and new Global Investors like General Catalyst, Rocketship VC, and <keyword id="2779666" type="PERSON" weightage="20" keywordseo="Greenoaks-Capital">Greenoaks Capital</keyword> also participated in the Series A round, a statement said. FamPay will use the latest round of funding to build a leadership team to further fuel growth, it added. FamPay makes it convenient for teenagers to make online and offline payments through FamPay app as well as FamCard. In addition to payment products, FamPay also offers gamified savings experiences. "FamPay is creating a market segment that a lot of brands don't focus on today. It's their (teenage users) first step at being responsible with money, their first step into adulthood. We plan to stay with them from this first step throughout their financial journey by evolving the product as they grow," Kush Taneja, co-founder of FamPay, said. The company has crossed 2 million registered users within 8 months of its launch and has been averaging 100 per cent month-on-month growth. In March 2020, the company announced raising USD 4.7 million in seed funding from Y Combinator, Venture Highway, Sequoia Capital <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, and Global Founders Capital, as well as angel investors, Twitch co-founder Kevin Lin, Robinhood co-founder Vladimir Tenev, CRED founder <keyword id="192201" type="PERSON" weightage="20" keywordseo="Kunal-Shah">Kunal Shah</keyword> and <keyword id="1552189" type="COMPANY" weightage="20" keywordseo="Pine-Labs">Pine Labs</keyword> CEO Amrish Rau. Launched in 2020 by Kush Taneja and Sambhav Jain, FamPay is a marketing and distribution partner of IDFC FIRST Bank Prepaid Card. "With around 40 per cent of the Indian population being below 18, every year millions of new teenagers will start using their first smartphone and FamPay envisions becoming their go-to brand," Sambhav Jain, co-founder of FamPay, said. "We are privileged and delighted to partner with Sambhav, Kush and the entire FamPay team as they march ahead in their mission to reimagine banking for teenagers. We have been extremely impressed by FamPay's product innovations, growth trajectory and customer love - all early signs that FamPay is destined to become the destination app for GenZ and gateway for their access to fintech and beyond," said Mridul Arora, Partner, Elevation Capital. India today has a sizable population of adolescents and we believe that catering to this unserved audience with innovative products contextualised to their needs and behaviours will create a very valuable business, Arora added. "It was apparent to us they (FamPay) understood their users and had very nuanced views on how to serve them best. The team is excited to double down in this round and is looking forward to working with them to help build FamPay over the next many years," Shailendra Singh, Managing Director of Sequoia Capital (India) Singapore, said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/twitter-may-now-be-directly-responsible-for-every-single-tweet-in-india/articleshow/83565645.cms">Twitter may now be directly responsible for every single tweet in India</a> <a href="https://www.businessinsider.in/policy/news/china-will-not-buy-iron-copper-aluminum-zinc-and-some-other-commodities-from-foreign-countries/articleshow/83565216.cms">China has decided to take global commodity bulls by their horns ⁠— to protect the profit margins of its small businesses</a>

You Searched For "Amrish Rau" and got 8 results

Pine Labs appoints Amrish Rau as CEO

PTI

IPO-bound PineLabs just added a million merchants to its kitty with its latest acquisition

Kritti Bhalla

Sequoia and PayPal-backed Pine Labs completes a first close of $285 million funding round from new investors

PTI

IPO-bound Pine Labs appoints former Flipkart, PayPal exec Phanimohan Kalagara as CTO

Kritti Bhalla

Pine Labs just spend $45 million to acquire one of Southeast Asia's fastest growing fintech platforms

IANS

Karbon Card raises USD 2 mn from angel investors

PTI

After Google Play, TikTok-clone Mitron TV debuts on Apple App Store

IANS

Teenager-focused payments startup FamPay raises $38 million led by Elevation Capital and Sequoia Capital

PTI

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