Pine Labs said the acquisition will enable it to offer a more integrated platform for merchants, covering offline payments, online checkout and customer engagement.
Existing investors such as PayPal, Mastercard, Actis Pine Labs Investment Holdings, and Peak XV Partners are set to offload their shares in the OFS, along with Pine Labs co-founder Lokvir Kapoor.
Leo Capital has raised around USD 200 million across three early-stage funds, backing over 50 startups in diverse sectors including B2B SaaS, fintech, blockchain, and healthtech.