In 1998, the newly incorporated Pine Labs was helping petrol pumps accept payments and manage loyalty programmes. Nearly three decades later, Pine Labs is a listed company that has expanded well beyond payments into online checkout, consumer financing, gift cards, card issuing and banking infrastructure

By Q1 FY27, the fintech was serving 11.5 Lakh+ merchants, alongside brands and financial institutions, across India, Southeast Asia and the Middle East. A string of acquisitions helped Pine Labs build out this expanding fintech stack.

While Qwikcilver added gift cards, Fave brought consumer rewards, Mosambee strengthened merchant acceptance, and Qfix and Shopflo expanded online payments and checkout. Similarly, Setu added fintech infrastructure, while Credit+ and Saluto brought issuing and enterprise rewards capabilities.

However, the breadth came at a cost. Despite raising nearly $1.6 Bn before making its public markets debut, Pine Labs struggled for years to turn expansion into consolidated profits. Payment hardware, employees, processing, cloud infrastructure and overseas operations all needed funding.

The next logical step was to get listed. But Pine Labs’ path to the public markets was anything but straightforward.  

It first deferred a planned US IPO, reportedly targeting $500 Mn in 2022, amid a weak market. It eventually opted for an Indian listing, merging its Singapore holding company with its Indian entity in June 2025.

5 Cr in FY25. 6 Cr, while adjusted EBITDA jumped 57% to ₹559 Cr.

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