PayPal Holdings Inc. and Singaporean state-owned investment firm Temasek Holdings (Pte.) Ltd. have acquired minority stakes in Indian digital payments platform Pine Labs Pvt. Ltd. for a combined US$125 million.
Earlier in May, it was reported that Temasek Holdings was in talks to invest in Pine Labs and was likely to buy a stake from U.S. venture capital firm Sequoia Capital. The latter remains the largest shareholder of Pine Labs, according to a May 31 release.
In March, Pine Labs raised US$82 million from U.K.-based Actis LLP and U.S. firm Altimeter Capital Management LP, according to a report from Mint.
Pine Labs offers payments services through point-of-sale terminals and processes US$15 billion worth of transactions annually.
