Pine Labs appoints Cred founder Kunal Shah to its board

Mumbai: Fintech firm Pine Labs, which is eyeing an overseas listing by 2023, announced on Tuesday that it has appointed Cred founder Kunal Shah to its board.

The appointment comes a month after the startup raised over $600 million in a round led by private equity majors Fidelity Management and Research Co, BlackRock, Ishana and Tree Line, taking its valuation to $3 billion.

“We are excited to welcome Kunal to our board. He joins a marquee set of investors, advisors, and other visionary board members who are all committed to taking Pine Labs to newer heights. Kunal’s deep understanding of the consumer business will be invaluable to us as we explore new opportunities and step into our next phase of growth," said Amrish Rau, chief executive, Pine Labs.



In 2010, Shah founded digital payments startup Freecharge. The firm was sold to ecommerce marketplace Snapdeal for $400 million in 2015, in what was then the largest acquisition in the consumer internet space.

Shah then founded fintech startup Cred in 2018, which attained unicorn status earlier this year. Separately, he has also served as an advisor to the board of Bennett Coleman & Co Ltd, and was the chairman of the Internet and Mobile Association of India (IAMAI) during 2016-2017.

He has also served as an advisor to various venture capital firms, including Sequoia Capital India, and worked as a part-time partner for US-based startup accelerator Y Combinator.

“The pandemic has catalysed behaviour change among consumers, merchants, and institutions that will drive the fintech sector. Shaping this transformation for the benefit of all stakeholders is a collective responsibility. Pine Labs is a player in digital payments adoption and joining its board is an opportunity to contribute to the ecosystem," said Shah.

Earlier this year Pine Labs announced the acquisition of Kuala Lumpur-based loyalty startup Fave to enter the growing consumer payments segment in south Asia.