Baron Funds hikes Pine Labs valuation to $5.8 billion, Invesco marks it up to $4.8 billion

economictimes.indiatimes.com:

Pine Labs. While Baron Funds hiked its valuation to $5.8 billion, Invesco has raised it to $4.8 billion as of December 2023, regulatory filings with the US Securities and Exchange Commission showed.

Baron Funds had valued Pine Labs at $5.3 billion in September last year. On January 4, ET reported that Invesco had cut the valuation of Pine Labs to $3.9 billion as of October 31.

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The Noida-headquartered payments company, which mainly deploys point-of-sales (PoS) solutions at merchant outlets, had last raised $150 million from Alpha Wave back in 2022. It was valued at $5 billion post that round. Currently, Invesco owns around 2.8% of Pine Labs and Baron Funds owns around 1.3% in the company. Peak XV Partners, the original investor in the company, now owns around 20.6%, data from Tracxn shows.

On January 25, ET had reported that Fidelity, another American fund manager, had marked down the fair value of Pine Labs to $3 billion from $4.7 billion as of August 31, 2023.

Pine Labs chief executive Amrish Rau did not comment on the development.

Crossover funds, which invest in both publicly listed companies and privately held firms, review the valuations of their holdings from time to time. These calculations are often made to reflect the valuation changes in