Both companies will take undisclosed “minority shares” in Pine Labs. Sequoia made a seed investment in 2009 and it remains the startup’s largest-single investor, the VC firm said.
The new deal takes India-based Pine Labs to USD 208 million raised from investors to date.
Pine Labs offers a point-of-sale device that covers debit and credit cards, as well as new and increasingly popular digital payment methods that include mobile wallets, and services that support Indian government project UPI. Rather than other traditional POS devices that are common across India, Pine Labs’ is smart and cloud-based.
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