Pine Labs, an Indian merchant-commerce startup backed by PayPal and Mastercard, is going public this week at a valuation about forty percent lower than its last private round. This is happening even as the company doubles down on its plans to take its fintech platform global.
The Gurugram-based fintech has set a price band of 210 to 221 rupees per share. This values the company at approximately 254 billion rupees, or around 2.9 billion dollars, at the upper end of the range. This valuation represents a decline of about forty percent from its last private valuation of over five billion dollars in 2022.
The company has also reduced its primary offering by twenty percent to 20.8 billion rupees, or approximately 234 million dollars, from the 26 billion rupees outlined in its draft prospectus filed in June. Furthermore, the offer for sale has been cut by forty-four percent to 82.3 million shares from the 148 million shares planned earlier.
Existing investors, including Peak XV Partners, Temasek Holdings, PayPal, and Mastercard, are among those selling part of their holdings in the offering. Pine Labs CEO Amrish Rau explained that investors chose to retain a larger portion of their shareholdings, which resulted in a smaller offer for sale. He stated that the company was clear about wanting to garner goodwill and secure broad support with the IPO pricing, noting that it takes a collective effort to create a successful public listing.
Founded in 1998, Pine Labs initially focused on deploying point-of-sale terminals for merchants. It has since evolved beyond simple payment acceptance. The company now enables bill payments through platforms like Amazon Pay and CRED and facilitates account-aggregator-based transactions. It offers a broader suite of payment, transaction, and acquiring services.
Currently, about seventy percent of Pine Labs’ revenue comes from its digital infrastructure and transaction services. The remaining thirty percent is generated from its issuing and acquiring businesses.
Pine Labs is one of the few Indian startups that already serves customers outside the country. It is seeking to expand its international presence following its planned listing on Indian stock exchanges. This aligns with the Indian government’s broader push to build globally competitive fintech offerings. The company is also part of a growing group of technology firms that have relocated their headquarters to India to tap into the country’s large base of retail investors and to align more closely with local regulatory frameworks.
The firm currently serves over 980,000 merchants, 716 consumer brands, and 177 financial institutions. It powers more than six billion transactions cumulatively valued at over 11.4 trillion rupees, or around 128 billion dollars. It already operates in twenty countries, including Malaysia, Singapore, Australia, Africa, the UAE, and the United States.
Between the financial years 2023 and 2025, Pine Labs’ revenue from international markets grew by nearly fifty-eight percent. The CEO stated that the fintech innovation developed in India is unique and that the company has the opportunity to take its intellectual property and technology stack global. He believes their fintech stack is in high demand in global markets, which is why they are winning clients internationally.
In India, Pine Labs competes with companies like Razorpay, Paytm, and Walmart-owned PhonePe. The company turned profitable in the June quarter, posting a net profit of 47.86 million rupees, about 540,000 dollars. This compares with a loss of 278.89 million rupees a year earlier. Revenue from operations rose seventeen point nine percent year-over-year to 6.16 billion rupees, around 69 million dollars, in the quarter. The firm’s overseas business contributed about fifteen percent of total revenue, amounting to 943.25 million rupees, roughly 11 million dollars, up from 795.97 million a year earlier.
Pine Labs’ listing comes amid a wave of Indian technology companies preparing to go public. Other firms expected to launch their offerings this year include Groww, Lenskart, Shadowfax, Meesho, and BoAt.