Payment technology company Pine Labsbacked by PayPal and Mastercard, won over public investors on Friday, ending the first day of trading 14% higher, even after cutting its $440 million IPO valuation. That makes it the second-biggest Indian fintech listing this year after online brokerage Groww made its nearly $750 million debut earlier this week.
The stock opened at ₹242 and rose to ₹284 before settling at ₹252, from an issue price of ₹221, giving the Gurugram-based company a market capitalization of ₹289 billion (about $3.3 billion).
It’s a step below Pine Labs’ 2022 private valuation of over $5 billion, but still a clear signal that investors are backing India’s growing push to take the fintech model globally.
Founded in 1998, Pine Labs has been steadily expanding beyond India and now operates in 20 markets including Malaysia, Singapore, Australia, the UAE, the US and parts of Africa. What started as a point-of-sale terminal provider has since evolved into a broader payments platform supporting bill payments, bill-aggregator transactions, and a range of merchant and acquisition services.
In India, Pine Labs competes with the likes of Walmart-owned Razorpay, Paytm and PhonePe. The company turned profitable in the June quarter, posting a net profit of ₹47.86 million (about $540,000), against a loss of ₹278.89 million a year earlier. Revenue from operations rose 17.9% year-on-year to ₹6.16 billion (about $69 million), while its overseas operations contributed about 15% of total revenue, rising to ₹943.25 million (about $11 million) from ₹795.97 million 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] it 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 stakes in the IPO.
“Pine Labs never wanted to compete on price,” said Shailendra Singh, managing director of Peak XV Partners. “He always wanted to compete on a superior proposition. And we know that this company would continue to go from strength to strength because there were such strong moats in the business and he shaped our worldview about how to think about companies and be patient and let ecosystems mature.”
Peak XV Partners, which was spun off from Sequoia Capital in 2023, first invested in Pine Labs in 2009 amid the global financial crisis. The VC firm is also seeing back-to-back multiple IPOs this week, with Pine Labs being its second portfolio company to list after Groww, which debuted on Indian bourses with a 12% gain and closed the first day of trading 29% above its issue price of ₹100.
Pine Labs’ market debut is part of a broader wave as India’s IPO engine revs up. From technology and fintech to e-commerce and manufacturing, more startups are choosing to go public — fueled by strong domestic investor appetite, relaxed interest rate conditions and regulatory pressure to boost listings. Globally, financially has been the leading IPO sector this year, with $34.34 billion worth of IPOs so far in 2025, more than doubling the $14.05 billion raised over the same period in 2024, according to Dealogic.
With its public debut, Pine Labs plans to continue expanding its geographic footprint while deepening its presence in India with new products and services targeting the country’s rapidly growing Internet-based consumer base.
“Our core business will continue to expand. Our moats will strengthen and margins will grow,” Rau said.
