Fave Gets Acquired by Indian Unicorn Pine Labs For RM185mil With Plans to Hire 100+ New Employees
source fave
Fave has just announced their recent acquisition by Pine Labs, an Indian merchant commerce platform for the price of RM185 million. With this acquisition, Pine Labs is hoping that Indian consumers will be able to use the Fave app to save across 500,000 merchant networks point powered by the fintech unicorn across 3,700 cities in India.
Pine Labs is a cloud-based platform what provides a wide range of payment acceptance with merchant commerce solution like inventory management and customer relationship management. They also cater to merchants of all sizes and stored value platforms including issuing, process and distributing digital gift cards for a corporate customer,s and their key investors included Mastercard, PayPal, and Temasek.
CEO of Pine Labs, B.Amrish Rau praised Fave when pointed out why they partnered with the latter and consumers have tremendous choices in their payment types. And Fave helps consumer apply their best rewards, coupon, gift cards, and cashback on all transactions in a seamless manner.
As for now, there will be no changes made to Fave’s leadership structure with the acquisition but the founders will have their roles expanded to lead the overall consumer platform across Asia and hiring over 100 new employees in Southeast Asia and India.
The Malaysian startup is currently operating in 35 cities across Malaysia, Singapore, and Indonesia, and this move into India would serve the brand well, considering the country’s massive population and the rapid adoption of digital technologies during the pandemic.
source fave