Pine Labs acquired a majority stake in Mosambee, now valued at $100 million

 As a result of Pine Labs’ investment, Mosambee is now valued at over $100 million.

On April 13, Pine Labs announced a large majority investment in Mosambee, a fast-growing end-to-end payment solution provider in India. Mosambee is currently worth more than $100 million as a result of the merchant trade platform’s investment.

Commenting on the announcement, Amrish Rau, CEO, of Pine Labs, said, “At Pine Labs, we continue to focus on deep technology and SaaS. Ever since its founding, Mosambee has made tremendous inroads into elevating the merchant experience through cutting-edge fintech solutions. They were a natural fit for us due to our shared purpose of making innovative fintech products accessible to all and driving forward the digital payment revolution in India. I look forward to great outcomes ahead and welcome Sameer and the team to the Pine Labs family.”

“We have long admired Pine Labs as an invaluable contributor to the Digital India vision and everyone at Mosambee is thrilled with their investment in us. In fact, Pine Labs was our first partner when we launched our platform. Mosambee today caters to a wide array of businesses, from SMEs to private and government entities to leading banking institutions in India. With the extensive reach of Pine Labs and their portfolio companies, we aim to continue to deliver strong profitability and breakthrough solutions to our clients,” said Sameer Chugh, Co-founder of Mosambee.

Pine Labs’ board of directors has approved a $6.07 million share repurchase from five executives, namely Amrish Rau, Kumar Sudarsan, Kush Mehra, Dev Anand Sharma, and Rakesh Sharma, according to the company’s regulatory filings in Singapore.

Amrish Rau has reaped the most benefits from the repurchase scheme, selling shares for $1.92 million. Kumar Sudarsan, the co-founder of Qwikcilver, has sold $1.75 million in stock. QwikCilver was purchased by Pine Labs in April 2019 for $110 million.

Kush Mehra, Pine Labs’ chief business officer, has diluted $1.41 million in shares in this repurchase event. Pine Labs’ Rakesh Sharma, vice president, and Dev Anand Sharma, senior vice president, have also sold shares for $500K and $490K, respectively.

In a separate filing, Pine Labs announced that it has raised the size of its employee stock option pool by 70,000 options, bringing the total number of options in the pool to 1.44 million, valued at $680.23 million.

Pine Labs has surpassed Paytm in terms of ESOP pool size, behind only Flipkart (previously an Indian origin business) and Oyo among non-listed companies. According to a Longhouse Consulting study published in December 2021, Flipkart established an ESOP pool of $2.26 billion, while Oyo established an ESOP pool worth $1 billion. Zomato, Paytm, and Nykaa (all public firms) have ESOP pools worth $750 million, $610 million, and $570 million, respectively.