Fintech major Pine Labs has appointed Sameer Kamath as its chief financial officer (CFO), as it gears up for an initial public offering (IPO).
Kamath, who served as executive director and group CFO at Avendus Capital, will lead Pine Labs' global finance strategy, accounting, investor relations, and provide financial leadership across the group, the company said on August 7.
Moneycontrol was first to report the exit of group CFO Marc Mathenz in June. Mathenz cited personal reasons for leaving the payments solution firm.
Kamath brings more than two decades of experience in financial leadership across investment banking, capital markets and fintech. At Avendus Capital, he led finance, strategy, risk, and compliance functions.
Before Avendus, he served as director and CFO at Motilal Oswal.
“Sameer’s proven track record of building high-performing teams and driving financial performance will be invaluable to Pine Labs as we continue to innovate and introduce cutting-edge fintech products in the market. We welcome him onboard and wish him the very best in this exciting role,” Pine Lab CEO B Amrish Rau said.
On June 26, the fintech unicorn submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for the share sale.
It plans to raise Rs 2,600 crore through a fresh issue of shares. In addition to the primary raise, a group of existing shareholders, including Peak XV, Temasek, Mastercard, PayPal, and others, are collectively offering to sell up to 14.78 crore shares.
Also read: Peak XV to offload the biggest chunk in Pine Labs IPO; PayPal, Temasek also trimming stakes
The fresh issue proceeds will be used to repay debt and invested in subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions Malaysia and Pine Labs UAE, the documents say.
The platform, which is predominantly focused on offline payments via Point of Sales (PoS) terminals, has been venturing into other businesses, including online payments (Fave), Buy Now Pay Later (BNPL), invoice management, and gifting solutions for merchants to diversify revenue streams.
“I am thrilled to be joining a technology-first organisation like Pine Labs at such a pivotal moment in their journey. Looking forward to working with Amrish and the rest of the leadership team to build on the momentum and strengthen the financial foundation of the company,” Kamath said.
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