Hian Goh

The 648-page DRHP offers a deep dive into Pine Labs capital structure. At the time of filing, Peak XV Partners Pine Investment Holdings topped the shareholding chart with a 20.35% stake. Singapore-based Macritchie Investments held 7.10% stake, followed by PayPal (6%) and Actis Pine Labs Investment Holdings (5.78%). Global payments giant Mastercard’s Asia/Pacific arm owns 5.24% stake in the company. Other institutional investors include Alpha Wave Ventures II (3.39%), Invesco’s AIM Investment Funds (2.84%) and Madison India Opportunities IV (2.67%). On the leadership front, Pine Labs CEO B Amrish Rau holds 2.35% stake, while founder Lokvir Kapoor and CTO @SanjeevKumar own 1.97% and 1.01% stakes, respectively. The DRHP also outlined that the fintech major allotted 2.32 Cr shares to its CEO Rau between January 1 and June 25, 2025. Read the entire story with Ananya Upadhyaya: https://lnkd.in/gt_GQAnu #pinelabs #stakeholding #pinelabsstakeholding #pinelabsinvestors #pinelabsipo #pinelabsdrhp #pinelabs

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Illuminate Financial leads $70m round in Singapore-based wealth management platform Endowus to support expansion and AI-driven capabilities. The round was led by Illuminate Financial, alongside Prosus Ventures, Citi Ventures, and several leading Asian family offices. Over the past year, the company has achieved remarkable milestones across its core markets: 💲 Client assets have surpassed US$10 billion, marking a major milestone for the Endowus Group. 🚀 Hong Kong has been a standout growth driver, with 150% growth in client numbers and a 3x increase in client assets year-on-year. 💰 Alternative investments on the platform have grown more than 3x to over US$500 million (S$650 million), as Endowus continues to democratize access to private market opportunities previously reserved for institutions. We are excited to partner with Samuel Rhee, Gregory Van, Dominic Ong, Deepak Sarda, Hugh Chung, Jason Huan and the rest of the Endowus team on their next phase of growth. Read more about why we invested from my colleague Konstantin Koenig: https://lnkd.in/emai_esj cc: Luca Z. Rezso Szabo Mark Beeston Charlton Hook, CFA Rachel Townend Peter Hung Alex Gheorghe Hugo Hazon Julie McCrimlisk Andrew Patey Oliver Hickinbotham Esther Muschamp Molly Day Emma Dearden Daria Dmytrenko Rosie Zehtab Crystal Tan Richard Blundell, ACA

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'Temasek’s investments in early-stage companies dropped from $4.4bn in 2021 to $509mn last year, according to data provider Tracxn, with just $70mn committed so far this year. Over the same period, Temasek cut the number of first-round investments it made in unlisted companies from 82 in 2021 to 11 last year. Temasek will continue to invest in start-ups indirectly through venture capital funds, but its direct investments have shifted to making bigger commitments to a smaller pool of companies that are closer to going public, according to people with knowledge of the approach.' https://lnkd.in/gX2nagSE

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FISPAN announced the close of its US$30m Series B financing yesterday, led by sector specialist Canapi Ventures. Shameless plug, Rhino invested US$5m into the round and we have now participated in, or led, 6 financing (primary and secondary) in the business, investing over C$38m. Fispan has made ERP banking table stakes with the most forward thinking bank partners; earning them new business, new deposits and new revenue opportunities. For middle market corporates the office of the CFO has become fragmented: too many point solutions, too much context switching, too little interoperability. Fispan delivers what one bank partner described as “getting our products onto software vendors shelves” - embedding core banking within finance teams financial cockpit - the ERP. A strong endorsement of ERP banking and Fispan's customer focus is the ramp of total payment volume (TPV) for Fispan compared to AvidXchange - a stand-alone accounts payable automation workflow solution (founded in 2000, 18 years before Fispan). Fispan has exceeded AvidXchange's TPV with <4% of the invested capital. Remarkable. Very excited for the next step! Lisa Shields, Dana Theobald (Tong), CPA, Mike Monty, Bill Crowley, Zack Manning, Arvin Wang, Tom Davis, Joe Maxwell, Brittani Roberts

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