Phoenix Legal advised Singapore and Noida-based fintech company Pine Labs when it recently raised a fresh round of funding from Lone Pine Capital. Goodwin Procter advised Lone Pine Capital, and Cyril Amarchand Mangaldas (CAM) also advised the company on the India law aspects of the transaction.
Nishith Desai Associates advised Madison India Capital, which was one of the selling shareholders, while AZB & Partners advised existing shareholder Sequoia India, and Khaitan & Co advised Temasek, also an existing investor.
The deal for an undisclosed amount was announced on 21 December and closed on 24 December.
Phoenix Legal’s team comprised partners Saket Shukla and Sriram Ramachandran, and associate Maryam Naaz Quadri. Goodwin Procter’s team comprised partner Abhishek Krishnan, and legal consultants Asmita Mishra and Anwesha Halder.
CAM’s team was led by partners Kota Chandan and Anshuman Sakle. Nishith Desai Associates’ team included the firm’s head of private equity and M&A, Nishchal Joshipura, and lawyers Poonam Sharma and Deepika Yadav.
AZB & Partners’ team included partners Dushyant Bagga and Swati Chauhan. The Khaitan & Co team included partner Vineet Shingal, and senior associates Tanvi Arora and Rohan Shrivastava.
Retail payments platform Pine Labs is backed by Sequoia Capital, PayPal, Temasek, Actis Capital and Altimeter Capital. The company was lauded as the first Indian unicorn of 2020 when it announced investment of an undisclosed amount by Mastercard in January. With the latest round of funding, Pine Labs is valued at more than US$2 billion.