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The ever-growing watch-based wearables market along with the fitness-focused generation inspired Pine Labs to make a move into this space, according to Mayur Mulani, Business Leader of Pay Later at Pine Labs.
The payment solutions provider may now postpone the IPO launch until the end of the current year or even early 2023 due to unfavourable market conditions and instead focus on international expansion to add on revenue and improve margins
Pine Labs has confidentially filed for a US initial public offering to raise about $500 million, Bloomberg News reported on Monday
The announcement comes after the company's successful fund-raising rounds worth $700 million this year at a $3.5 billion valuation , which also included a $100 million pre-IPO placement.
Pine Labs' payments business, which sells to sectors including hospitality, telecoms and electronics, clocks up to $35 billion in revenues annually.