Sequoia-backed payments firm Pine Labs raises $82 mn from Actis, Altimeter

Pine currently processes 450 million transactions worth over $15 billion in a year

Pine Labs, which runs a digital retail payments platform in India, on Tuesday announced a funding of $82 million (Rs 5.34 billion) led by private equity firm Actis Capital and joined by new investor Altimeter Capital. It is not clear if Sequoia Capital, which backed Pine Labs in 2009, partially exited the firm. 
 

Pine Labs is replacing the standard card-centric point-of-sale terminals with a smart, cloud-based payments platform that will reduce costs and drive revenue for retailers. It integrates India’s top 12 credit and debit card issuing banks, and the top 14 merchant-acquirers, on its payment platform.  
 

Pine currently