Payment technology company Pine Labs, backed by PayPal and Mastercard, won over public investors on Friday. The company finished its first day of trade 14 percent higher even after lowering its valuation for its 440 million dollar IPO. This makes it the second-largest Indian fintech listing this year after online brokerage Groww’s nearly 750 million dollar debut earlier this week.
The stock opened at 242 rupees and rose as high as 284 rupees before settling at 252 rupees. This was up from the issue price of 221 rupees, resulting in a market capitalization of 289 billion rupees, approximately 3.3 billion dollars, for the Gurugram-based company. This is a step down from Pine Labs’ 2022 private valuation of over 5 billion dollars, but still a clear signal that investors are backing India’s growing push to take its fintech model global.
Founded in 1998, Pine Labs has been steadily expanding beyond India and now operates in 20 markets. These include Malaysia, Singapore, Australia, the UAE, the US, and some parts of Africa. What started as a point-of-sale terminal provider has since evolved into a broader payments platform. It now supports bill payments, account-aggregator transactions, and a range of merchant and acquiring services.
In India, Pine Labs competes with companies like Razorpay, Paytm, and Walmart-owned PhonePe. The company became 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 17.9 percent year-over-year to 6.16 billion rupees, around 69 million dollars. Its overseas business contributed roughly 15 percent of total revenue, rising to 943.25 million rupees, about 11 million dollars, from 795.97 million rupees a year earlier.
We will never stop being a startup, said Amrish Rau, CEO of Pine Labs, during its public listing ceremony. Now that we are a listed company, that word will not be heard in our halls.
Existing investors, including Peak XV Partners, Temasek Holdings, PayPal, and Mastercard, were among those who sold part of their holdings in the public listing.
Pine Labs never wanted to compete on price, said Shailendra Singh, managing director at Peak XV Partners. It always wanted to compete on a superior proposition. And we know this company would keep compounding because there were such strong moats in the business, and it shaped our worldview of how to think about companies and be patient and let ecosystems mature.
Peak XV Partners, which split from Sequoia Capital in 2023, first invested in Pine Labs in 2009 amid the global financial crisis. The venture capital firm is also seeing back-to-back partial public exits this week. Pine Labs is its second portfolio company to list after Groww, which debuted on Indian exchanges with a 12 percent pop and closed its first trading day 29 percent above its issue price of 100 rupees.
Pine Labs’ market debut is part of a broader wave, as the public-listing engine in India is revving up. From tech and fintech to e-commerce and manufacturing, more startups are choosing to go public. This trend is fuelled by strong domestic investor appetite, eased interest-rate conditions, and regulatory nudges to boost listings. Globally, finance has been the top IPO sector this year. According to Dealogic, IPOs worth 34.34 billion dollars have been raised so far in 2025, more than doubling the 14.05 billion dollars raised over the same period in 2024.
With its public debut, Pine Labs plans to keep widening its geographic footprint while deepening its presence in India. The company aims to launch new products and services aimed at the country’s rapidly expanding, internet-driven consumer base.
Our core business will keep expanding, CEO Amrish Rau said. Our moats will be strengthened, and margins will grow.