Pine Labsan Indian commerce startup backed by PayPal and Mastercard is going public this week at a valuation roughly 40% lower than its last private round — even as it doubles down on plans to take its fintech platform global.
The Gurugram-based fintech has set a price band of ₹210-221 (about $2.00-$2.50) per share, valuing the company at about ₹254 billion (about $2.9 billion) at the higher end of the range. That represents a roughly 40% decline from its last private valuation of more than $5 billion in 2022.
Pine Labs also cut its primary offering by 20% to ₹20.8 billion (about $234 million) from ₹26 billion in the draft prospectus filed in June, while the offer for sale was cut by 44% to 82.3 million shares from 148 million shares planned earlier.
Existing investors including Peak XV Partners, Temasek Holdings, PayPal and Mastercard are among those selling part of their stakes in the offering.
Pine Labs CEO Amrish Rau told reporters at a press conference on Monday that investors chose to keep a larger portion of their shares, which led to a smaller offer for sale.
“When it came time to price this IPO, we were very clear that we want to continue to build goodwill and we wanted to get everyone’s support when we come out with this pricing for this IPO,” he said. “We think we’ve been able to sustain this because, at the end of the day, it takes a village to come together to create a successful IPO.”
Founded in 1998, Pine Labs initially focused on developing point-of-sale terminals for merchants, but has since evolved beyond accepting payments to enable bill payments through platforms such as Amazon Pay and CRED and facilitate account-based transactions, among a broader range of payment, transaction and acquisition services.
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Currently, about 70% of Pine Labs’ revenue comes from its digital infrastructure and trading services, while the remaining 30% comes from its IPO business, Rau said.
Pine Labs is among the few Indian startups already serving clients outside the country and is looking to expand its international presence after its planned IPO in India. This aligns with the Indian Govt wider thrust to create competitive fintech offerings globally. The company is also part of a growing group of technology companies that have relocated their headquarters to India to tap into the country’s large retail investor base and align more closely with local regulatory frameworks.
The company currently serves more than 980,000 merchants, 716 consumer brands and 177 financial institutions, powering more than six billion transactions with a total value of more than ₹11.4 trillion (about $128 billion). It already operates in 20 countries, including Malaysia, Singapore, Australia, Africa, the UAE and the US
Between fiscal years 2023 and 2025, Pine Labs’ revenue from international markets grew by nearly 58 percent, Rau said.
“What we have done in fintech in India, no other country has been able to do anything close to it,” he told reporters. “We have an opportunity to take that IP knowledge, the technology stack that we’ve developed and take it global. We’re the first companies to do that, and we think our fintech stack is very, very in demand in global markets, and that’s why we’re winning those customers in those 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, 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) in the quarter. The company’s overseas operations contributed about 15% of total revenue, amounting to ₹943.25 million (about $11 million), up from ₹795.97 million a year earlier.
Pine Labs’ listing comes amid a wave of Indian tech companies gearing up to go public, including Groww, Lenscart, Shadowfax, Meeshoand Vesselall of which are expected to launch their offerings this year.
