Pine Labs

Industry Analysis

India’s fintech industry is valued at over $1.5 trillion in digital transaction volume as of 2025, with more than 80% of commerce now transacted through digital methods (UPI, payment gateways, BNPL, etc.). While IPO proceeds for Indian fintechs dropped 4.2% YoY in H1 2025 due to volatile market sentiment, the sector is still attracting significant foreign investment and is expected to grow at a compound annual growth rate (CAGR) of 18-20% over the next 5 years. Key trends include embedded payments, omnichannel merchant solutions, and the rise of API-based financial services.

Overview of Pine Labs

Founded in 1998, Pine Labs is one of Asia’s top merchant commerce platforms, providing POS systems, online payment gateways, and value-added merchant services to over 500,000 merchants across India, Southeast Asia, and the Middle East. In FY2024, Pine Labs recorded revenues of ₹1,317 crore (~$156 million), up from ₹1,281 crore the prior year, but net losses widened to ₹187 crore due to ongoing platform investments. Pine Labs is backed by investors such as Sequoia, Peak XV, Temasek, PayPal, and Mastercard.

The company is targeting a $1 billion IPO in late 2025, aiming for a post-listing valuation between $6–8 billion. It processes billions of transactions per year for retailers as diverse as Spencer’s, Pantaloons, Shoppers Stop, and Westside, with more than 850,000 POS terminals sold in India. Its offerings are used in every major vertical, and it is considered a digital innovation leader for Indian merchants.

source: kapronasia.com & wikipedia