Peak XV Partners to gain $1B+ from Pine Labs bet
Business
Peak XV Partners (formerly Sequoia Capital) just scored over $1 billion from its early bet on fintech startup Pine Labs.
After investing $35 million, they've already pocketed $550 million by selling shares, and their remaining stake—worth about $570 million—is set for a boost as Pine Labs goes public today.
Pine Labs's journey under CEO Amrish Rau
Pine Labs is aiming for a $2.9 billion valuation in its IPO, with strong investor demand. Post-listing, Peak XV will still hold roughly 17% of the company.
Under CEO Amrish Rau, Pine Labs has evolved from basic payment terminals to offering smart UPI solutions and even acquiring startups like Fave and Setu.
With all major RBI payment licenses now secured, they're looking to become a full-spectrum financial services player.