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#TechnologyNews #India’s first billion dollar startup of 2020 is here: 9 things to know #BB

„India’s first billion dollar startup of 2020 is here: 9 things to know“

We are in the first month of 2020 and it looks the first unicorn of the year is here. The unicorn club — startups with valuation of $1 billion — has a new member and its Pine Labs. The Point-of-Sales service provider has received close to $100-150 million from Mastercard in the latest round of funding. The official figures weren’t disclosed by either of the companies. As per multiple reports, this investment will push Pine Labs’ valuation to $1.5 billion, making it the first unicorn of 2020. Here are 9 things to know about the deal and how Pine Labs become a unicorn

Pine Labs and Mastercard will work to deliver real-time payments-based instalment financing — online and offline channels
Pine Labs and Mastercard will work to deliver real-time payments-based instalment financing — online and offline channels
This is one of the rare investment made by Mastercard in an Indian startup
This is one of the rare investment made by Mastercard in an Indian startup
Pine Labs has around 1.4 lakh merchants across 4.5 lakh networks
Pine Labs has around 1.4 lakh merchants across 4.5 lakh networks
The startup also offers loans through a company called Pine Labs Finance
The startup also offers loans through a company called Pine Labs Finance
Pine Labs had claimed that it processes payments close to $30 billion in a year
Pine Labs had claimed that it processes payments close to $30 billion in a year
Pine Labs had reported revenues of around Rs 503 crore in 2019
Pine Labs had reported revenues of around Rs 503 crore in 2019
One of the early backers of Pine Labs was Sequoia Capital India, which holds more than 68% stake in the company
One of the early backers of Pine Labs was Sequoia Capital India, which holds more than 68% stake in the company
Pine Labs also raised $200 million (roughly Rs 1,420 crore) from US payment firm PayPal.
Pine Labs also raised $200 million (roughly Rs 1,420 crore) from US payment firm PayPal.
Other prominent investors in Pine Labs include Temasek, Actis and Altimeter Capital
Other prominent investors in Pine Labs include Temasek, Actis and Altimeter Capital

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