Pine Labs eying foray into overseas market-report
Pine Labs, an India-based point-of-sale payment solutions provider, is reportedly planning to foray into overseas market.
The announcement comes as Pine Labs bolsters its Inidan presence.
Sequoia-backed firm is looking at four or five Asian countries in the next two years, followed by Europe and the US, according to a Business Standard report.
Pine Labs CEO Lokvir Kapoor told Business Standard there was strong interest for the company’s cloud platform from international markets.
The company’s first international site would go live soon, he added.
As part of expansion strategy, the company is looking to pump $100m in technology and infrastructure through the next two years or so.
The company is also planning to get into data analysis, which holds much promise in retail, especially e-commerce, the report said.
The Noida-based company currently has about 90,000 points of sale (POS) in India plans to increase the number of POS to 500,000 in three years.
The company recorded $8-9bn of transactions on its payment systems in 2014-15. The company expects the total expenditure on its network to rise to $60bn by 2018-19.