Singapore's Pine Labs acquires Malaysia-based e-commerce platform Fave in $45 million deal

Reuters2021-04-13

KUALA LUMPUR (Reuters) - Singapore-incorporated merchant commerce platform Pine Labs has acquired e-commerce and fintech firm Fave in a cash and equity deal valued at over $45 million, for joint global expansion, the companies said on Tuesday.

In a joint statement, the companies said Fave's investors will receive an all-cash payout, while founders and key Fave employees will receive both cash and shares of Pine Labs.

Fave counts Sequoia India, China-based SIG Asia Investments and Indonesian venture capital firm Venturra Capital as its investors. Pine Labs became an investor in Fave last July, when both formed a strategic partnership.

Fave operates in Malaysia, Singapore and Indonesia, after acquiring Groupon Inc's businesses in those markets in 2016 and 2017. It will be launching in India this year.

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Comments

Alfred1007
2021-04-13
Alfred1007
want to become Square in SEA?
Jeremyyeojc
2021-04-13
Jeremyyeojc
Comment and like thanks
Jerkkid
2021-04-13
Jerkkid
Help to like and comment pls!
- Poggki:
  hmmmmm
- pakthedude:
  Fave
- nakazatousReplyPoggki:
  Ok

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