Alpha Wave sells last Pine Labs stakes for ₹560.3 cr
Alpha Wave Ventures II, LP and Alpha Wave India I LP are cashing out their last stakes in Pine Labs, selling them for ₹560.3 crore through a block deal.
The shares are priced at ₹153.50 each, about 4% lower than the previous closing price, marking a full exit for both Alpha Wave investors from the fintech company.
Pine Labs posts ₹19.6 cr profit
Pine Labs has been on a roll lately, with net profit rising to ₹19.6 crore in the June quarter from just ₹5 crore last year and operational revenue jumping nearly 20% to ₹737 crore.
The company processed gross transaction value of about ₹4.22 lakh crore in transactions this quarter, mostly via UPI, and expanded its digital checkout network by 18%.
This deal follows another big sale back in May when a smaller stake was sold for ₹356 crore.