31 May '18, 12pm
Fresh from agreeing its largest acquisition to date with a deal to buy European payment firm iZettle for $2.2 billion , PayPal is on the investment hunt once again after it backed India’s Pine Labs with a $125 million round. The financing jointly comes from PayPal and Temasek, the sovereign investment fund from the Singaporean government with over $200 billion in assets. Both 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 New Delhi-based Pine Labs to $208 million raised from investors to date. It previously closed an $82 million investment from PE funds Actis and Altimeter Capital in March of this year at a reported valuation of $900 million. Recent reports speculated on the Temasek investment (but not PayPal) which would give Pine Labs a...