Mastercard is in negotiations to invest in Indian point-of-sale (PoS) solutions firm Pine Labs, reported The Economic Times.
The infusion will be part of a $300m funding round, the report said citing people familiar with the matter.
The funding round is expected to complete over the coming few weeks and may also see the participation of Advent Capital.
According to the report, the deal will offer the PoS solutions firm a valuation of between $1.2bn and 1.5bn.
Mastercard is expected to acquire both primary as well as secondary shares.
Neither Mastercard nor Pine Labs commented on the issue.
Currently, venture capital (VC) firm Sequoia Capital is the largest stakeholder in Pine Labs with a holding of 68%.
The new backer is expected to acquire an interest of 15-25% from Sequoia. However, the news was not confirmed by the VC firm.
A Sequoia spokesperson stated: “We have nothing to share at this time.”
Previously, Sequoia had divested part of its stake to Madison Capital as part of a $180m deal.
In 2018, Pine Labs secured $125m investment from investors including Temasek and PayPal. The fundraising offered Pine Labs a valuation of $800m.
Earlier, Pine Labs received $82m capital led by Actis and Altimeter Capital.
Notably, in April last year, Pine Labs snapped up gift card solution company Qwikcilver for $110m.