Pine Labs, an Indian commercial startup backed by PayPal and Mastercard, is going public this week at a valuation about 40% lower than its previous private round, even as it doubles down on its plans to expand its fintech platform globally.
The Gurugram-based fintech company has set a price range of ₹210-221 (approximately $2.00-2.50) per share, valuing the company at the higher end of the range at approximately ₹254 billion (approximately $2.9 billion). This represents a decrease of about 40% from its previous private valuation of more than $5 billion in 2022.
Pine Labs also offered 82.3 million shares, down 20% to 20.8 billion rupees (approximately $234 million) from the 26 billion rupees in its draft prospectus filed in June, and 44% down from the originally planned 148 million shares.
Existing investors including Peak XV Partners, Temasek Holdings, PayPal, and Mastercard are selling some of their stakes in this offering.
Pine Labs CEO Amrish Rau said in a press conference on Monday that the sale offer was scaled back as investors chose to retain the majority of their holdings.
He said, “It is clear that we want to continue to gain goodwill in the pricing of this IPO, and we wanted to gain everyone’s support when setting this price for this IPO.” “I believe we were able to sustain that, because at the end of the day, it takes a whole village to pull off a successful IPO.”
Founded in 1998, Pine Labs initially focused on deploying point-of-sale terminals for merchants, but has since expanded beyond payment acceptance to enable bill payments through platforms like Amazon Pay and CRED, and facilitate account aggregator-based transactions across a broad suite of payment, transaction, and acquisition services.
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Currently, about 70% of Pine Labs’ revenue comes from digital infrastructure and transaction services, and the remaining 30% comes from its issuing and acquisition businesses, Lau said.
Pine Labs, one of the few Indian startups already serving international customers, is looking to expand its international presence following plans to list on Indian stock exchanges. This is in line with the Indian government’s broader efforts to build globally competitive fintech products. The company is also part of a growing group of technology companies that have relocated their headquarters to India to leverage India’s large private investor base and align more closely with the local regulatory framework.
The company currently serves over 980,000 merchants, 716 consumer brands and 177 financial institutions, facilitating over 6 billion transactions with a cumulative value of over ₹11.4 trillion (approximately $128 billion). It already operates in 20 countries including Malaysia, Singapore, Australia, Africa, UAE and the US.
From fiscal year 2023 to 2025, Pine Labs’ revenue from international markets increased by nearly 58%, Lau said.
“What we have achieved in fintech in India, no other country has done anything close to this,” he told reporters. “We have an opportunity to take this intellectual property knowledge, the technology stack that we have developed and deploy it globally. We are the first company to actually do that and we believe that our fintech stack is very much in demand in the global market. And that is why we are winning these clients in these international markets.”
In India, Pine Labs competes with the likes of Razorpay, Paytm and Walmart-owned PhonePe. The company turned profitable in the June quarter, with a net profit of 47.86 million rupees (approximately $540,000), compared with a loss of 278.89 million rupees a year earlier. Operating revenue for the quarter was 6.16 billion pounds (approximately $69 million), an increase of 17.9% year-on-year. The company’s overseas operations accounted for about 15% of total revenue, amounting to 943.25 million rupees (approximately $11 million), up from 795.97 million rupees in the same period last year.
Pine Labs’ listing comes amid a wave of Indian technology companies preparing to go public, including Groww, Lenskart, Shadowfax, Meesho and BoAt, all of which are expected to launch later this year.
