The IPO-bound online payments and merchant solutions platform raised around $700 million in multiple tranches last year and was last valued at $3.5 billion. ET reported in December that it was in advanced stages of talks to raise at least $100 million from Falcon Edge and that the total funding round could increase to $200 million.
"In the past year, several marquee investors have placed their trust in our business model and growth momentum, and that is a gratifying feeling,” Pine Labs CEO Amrish Rau said Tuesday. “This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI.” In a statement, Pine Labs said it would invest in scaling its new product Plural, a payments gateway.