US-based investment firms Baron Funds and Invesco have adjusted the valuation of fintech unicorn Pine Labs. Baron raised its valuation to $5.8 billion, while Invesco increased Pine Labs’ value to $4.8 billion as of December 2023.
Previously, in September of the previous year, Baron Funds valued the company at $5.3 billion, while Invesco had adjusted its valuation to $3.9 billion as of October 31.
Invesco had previously invested $100 million in Pine Labs in September 2021, while Baron Capital led a $285 million round in the fintech unicorn in May.
This development was initially reported by ET through regulatory filings with the US Securities and Exchange Commission.
Pine Labs has experienced fluctuations in its fair valuation over the past year. Notably, Fidelity initially raised its stake value in July last year but later reduced its valuation to $3 billion from $4.7 billion as of October.
Despite Pine Labs’ revenue increasing in FY23, with collections rising by 56% to Rs 1,588 crore, its losses continued to grow, increasing by 12% to Rs 227 crore. The company is yet to disclose its FY24 numbers.
Pine Labs has been striving to go public for several years, with its backers, including Peak XV Partners, seeking an exit. Although the company had finalized bankers for a US IPO last year, the attempt did not materialize, despite Pine Labs’ CEO refuting reports of delaying the public listing plan on NASDAQ.
Following the footsteps of other major fintech companies like Groww and Razorpay, Pine Labs is looking to relocate its headquarters to India, where there appears to be a more favorable public market sentiment for tech companies.
In addition to Pine Labs, Swiggy, Meesho, FirstCry, and Ola Electric have also seen increases in their valuations in the last six months.
