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    ZOMATO   INE758T01015

ZOMATO LIMITED

(ZOMATO)
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Delayed Quote. Delayed NSE India Stock Exchange - 11/26 06:25:29 am
148.15 INR   -7.26%
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Zomato : Indian fintech firm Pine Labs eyes IPO in 12 months - CEO

10/14/2021 | 10:09am EST

NEW DELHI, Oct 14 (Reuters) - Indian fintech firm Pine Labs is considering an initial public offering in as little as a year, its chief executive said on Thursday, as the company made a foray into the online payments space that it sees as a multi-billion dollar opportunity.

Pine Labs, which counts venture firm Sequoia Capital, Singapore state investor Temasek, and U.S. firms PayPal and Mastercard among its backers, offers services and tools such as inventory management and payment terminals to merchants across Asia and the Middle East.

The company, headquartered on the outskirts of New Delhi, was valued at $3.5 billion after its closed a $600 million funding round in July.

"We are at a stage where we will want to look at an IPO option in the next 12 months' time," CEO Amrish Rau told Reuters in a virtual interview, declining to specify whether the company would list overseas and the valuation it was eyeing.

Indian stock markets have hit an all-time high this year, which has seen many tech startups vying to list publicly. Food delivery firm Zomato kicked off the startup listing boom earlier this year, while several others are preparing for an IPO.

On Thursday, Pine Labs launched three online products, including a payments gateway and a software development kit for smartphones under the name 'Plural'.

"In the next 18 months time I see this (online business) to be a $25 billion opportunity (annually) just for Pine Labs," Rau said.

"We have an opportunity where we can potentially double our volumes in the next two-and-a-half years' time."

Pine Labs' payments business, which sells to sectors including hospitality, telecoms and electronics, clocks up to $35 billion in revenues annually.

The company was founded by three engineers in 1998 to provide retail automation solutions to petroleum companies. It widened its payments services to merchants in the early 2000s. (Reporting by Sankalp Phartiyal; Editing by Jan Harvey)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
PAYPAL HOLDINGS, INC. -0.49% 187.79 Delayed Quote.-19.82%
ZOMATO LIMITED -7.26% 148.15 Delayed Quote.0.00%
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Financials
Sales 2022 41 571 M 554 M 554 M
Net income 2022 -11 474 M -153 M -153 M
Net cash 2022 95 257 M 1 270 M 1 270 M
P/E ratio 2022 -103x
Yield 2022 -
Capitalization 1 166 B 15 538 M 15 548 M
EV / Sales 2022 25,8x
EV / Sales 2023 18,5x
Nbr of Employees 3 755
Free-Float 24,2%
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 148,15 INR
Average target price 163,79 INR
Spread / Average Target 10,6%
EPS Revisions
Managers and Directors
Deepinder Goyal Chief Executive Officer, Director & MD
Akshant Goyal Chief Financial Officer
Kaushik Dutta Chairman
Gunjan Patidar Chief Technology Officer
Sandhya Sethia Secretary & Compliance Officer
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