Pine Labs Appoints Sameer Kamath as Chief Financial Officer

Pine Labs, a prominent merchant payments company, is preparing for its initial public offering and has announced the appointment of Sameer Kamath as its new chief financial officer. Kamath, who is currently serving as the group chief financial officer at Avendus Capital, a Mumbai-based investment bank, will soon join the digital payments firm.

With over twenty years of experience in the financial services sector, Kamath brings a wealth of knowledge. Before his role at Avendus, he was the group CFO at Motilal Oswal, a well-known broking firm in Mumbai.

Transition in Leadership at Pine Labs

Kamath’s appointment comes following the exit of Marc Mathenz in June, who left just prior to the company’s submission of its draft with Sebi. Alongside Kamath, Shalini Saxena is also set to return to the Gurugram-based company as general counsel. Bar and Bench was the first to report this development. Saxena previously served as the general counsel at Pine Labs from 2019 to 2022, before transitioning to CoinDCX, a crypto exchange startup, as its legal head.

Key Personnel at Pine Labs

In addition to Kamath and Saxena, several key personnel contribute to Pine Labs’ management, including Kush Mehra, the chief business officer; Sumit Chopra, the chief operating officer; and Navin Chandani, the chief business officer for the issuing business. Currently, Amrish Rau, a former top executive of PayU, serves as the chief executive officer of Pine Labs.

Pine Labs’ Public Offering Plans

The company submitted its Draft Red Herring Prospectus (DRHP) on June 27, aiming to raise approximately Rs 2,600 crore through a fresh issue of shares and an offer-for-sale (OFS) of up to 147.8 million shares. Pine Labs is anticipating a valuation between $4.5 billion and $5 billion as part of this public offering. Notable shareholders include Peak XV Partners, Mastercard, PayPal, and Actis.