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Baron and Invesco mark up Pine Labs’ valuation

EntrackrEntrackr · 1y ago
Baron and Invesco mark up Pine Labs’ valuation
Medial

US-based investment firms Baron Funds and Invesco have marked up the valuation of fintech unicorn Pine Labs. While Baron increased its valuation to $5.8 billion, Invesco marked the firm’s value up to $4.8 billion as of December 2023. Earlier, Baron Funds valued the firm at $5.3 billion in September last year whereas Invesco cut its valuation to $3.9 billion as of October 31. Invesco had last invested $100 million in Pine Labs in September 2021 while Baron Capital led a $285 million round in the fintech unicorn in May. ET reported the development first via regulatory filings with the US Securities and Exchange Commission. Pine Labs has been facing ups and downs in its fair valuation since last year. For the record, Fidelity marked up its stake value in July last year but later slashed its valuation to $3 billion from $4.7 billion as of October. Pine Labs’ revenue continued to climb in FY23 as its collection spiked 56% to Rs 1,588 crore. However, its losses still not tapering down and grew by 12% to Rs 227 crore. The firm is yet to file its FY24 numbers. Pine Labs has been trying to go public for the past few years as its backers including Peak XV Partners are eyeing an exit. Last year, it finalized bankers for an IPO in the US but the attempt didn’t materialize even though the firm’s chief executive Rau refuted the reports of delaying the public listing plan on NASDAQ. On the lines of other large fintechs such as Groww and Razorpay, Pine Labs is seeking to move its domicile to India which appears to have a better public market sentiment for tech companies. Besides Pine Labs, Swiggy, Meesho, FirstCry and Ola Electric also saw markups in their valuation in the last six months.

Pine Labs India posts Rs 1,384 Cr revenue in FY24; losses jump 3X

EntrackrEntrackr · 1y ago
Pine Labs India posts Rs 1,384 Cr revenue in FY24; losses jump 3X
Medial

The Indian unit of merchant commerce and payments platform Pine Labs has reported flat revenue in the fiscal year ending March 2024. However, the Delhi-based firm’s losses swelled 3X in this period. Pine Labs’s operating revenue increased modestly by 2.8% to Rs 1,317 crore in FY24 from Rs 1,281 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Caveat: Pine Labs is registered in Singapore and has not yet submitted its FY24 results there. Based on the previous fiscal year’s report, the parent entity is expected to post approximately Rs 400 crore more or over Rs 1,700 crore in operating revenue in the last fiscal year. As for the revenue channels of Pine Labs’ Indian entity, income from transaction processing and settlement was the main contributor, accounting for 61% of total operating revenue, which rose a modest 1.5% to Rs 805 crore in FY24. Income from digitization and services provided at petroleum outlets amounted to Rs 67 crore during the same period. Pine Labs also offers gifting solutions through Qwikcilver, Pine Perks, and Google Wallet. Income from this segment declined by 44.5% to Rs 111 crore in FY24. Revenue from device sales, plastic cards, and other miscellaneous sources brought the total revenue to Rs 1,384 crore during the last fiscal year, compared to Rs 1,328 crore in FY23. In terms of cost breakdown, Pine Labs allocated 38.5% of its total expenditure to employee benefits, which grew by 3% to Rs 625 crore in FY24, including Rs 58 crore in non-cash ESOP expenses. Legal and professional fees were the next largest expense category. Other significant costs included materials, travel, advertising, e-commerce site listings, database communication, and repairs, bringing total expenditures up by 15.8% to Rs 1,624 crore in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 14.91% 10.55% Expense/₹ of Op Revenue ₹1.09 ₹1.23 ROCE -1.65% -7.87% The modest growth in scale, combined with a nearly 16% rise in expenditure, led Pine Labs to report a more than threefold increase in losses, reaching Rs 187 crore in FY24 compared to Rs 56 crore in FY23. Its ROCE and EBITDA margin stood at -7.87% and 10.55%, respectively. On a per-unit basis, Pine Labs spent Rs 1.23 to earn a rupee in FY24. Pine Labs recently received approval from a Singapore court to relocate its domicile to India. It also obtained initial approval from the National Company Law Tribunal to merge its entities in India and Singapore. Pine Labs has been pursuing an initial public offering (IPO) for several years. Last year, the company appointed bankers for a U.S. IPO, but the attempt did not materialize. While the firm has not yet confirmed a listing timeline, it is likely to debut on one of the Indian stock exchanges sometime in the next fiscal year (FY26).

Pine Labs posts Rs 42 Cr profit in Q3 FY26; revenue grows 24%

EntrackrEntrackr · 9d ago
Pine Labs posts Rs 42 Cr profit in Q3 FY26; revenue grows 24%
Medial

Fintech major Pine Labs announced its financial results for Q3 FY26 after debuting on Indian stock exchanges in the same quarter. The firm’s revenue increased by 24% during the third quarter, while it remained profitable in the same period. The company’s revenue from operations increased to Rs 744 crore in Q3 FY26 from Rs 601 crore in the same quarter last year, according to its financial statement sourced from NSE. Other income contributed an additional Rs 36 crore, which drove its total income to Rs 780 crore for the quarter. For the nine-month period ending December 2025, the firm’s revenue increased 20% to Rs 2,010 crore from Rs 1,676 crore, a year earlier. On the expense side, employee benefit was the largest cost centre, which accounted for 37% of the total expense. This cost increased by 5% to Rs 263 crore in Q3 FY26 from Rs 251 crore in Q3 FY25. Cost of material rose 51% to Rs 104 crore in Q3 FY26 from Rs 69 crore in Q3 FY25. Finance cost and depreciation cost were other overheads which led to the total expense to increase by 13% to Rs 705 crore in Q3 FY26. Pine Labs entered profitability on the back of steady growth and disciplined cost control, reporting a net profit of Rs 42 crore in Q3 FY26 versus a loss of Rs 57 crore in Q3 FY25. For the nine-month period, the company posted a profit of Rs 53 crore. Pine Labs made a positive debut on the public markets, listing at a 9.5% premium over its issue price. The stock opened at Rs 242 per share against the IPO price of Rs 221, giving the Peak XV-backed firm a stable start on the NSE and BSE. Earlier this month, Pine Labs received RBI approval to fully acquire RBI-licensed account aggregator Agya Technologies, increasing its stake to 100% from its previous associate company status. The company’s share is trading at Rs 233, giving it a market capitalization of Rs 26,736 crore (approximately $2.9 billion).

Pine Labs-owned Setu to acquire 100% stake in Agya Technologies

EntrackrEntrackr · 17d ago
Pine Labs-owned Setu to acquire 100% stake in Agya Technologies
Medial

Pine Labs-owned Setu to acquire 100% stake in Agya Technologies Fintech unicorn Pine Labs plans to fully consolidate its ownership in RBI-licensed account aggregator Agya Technologies through its fintech infrastructure arm, Setu. According to a regulatory filing, the RBI has approved Setu (BrokenTusk Technologies Pvt Ltd) to increase its stake to 100% in Agya Technologies Pvt Ltd, which until now has operated as an associate company of Setu. Pine Labs already has around 25% stake in Agya Technologies and the company plans to complete the acquisition of the remaining stake in the near term, potentially in one or more tranches, according to the filing. This development follows Pine Labs' successful acquisition of all three digital payment licences from the Reserve Bank of India (RBI). These licences cover offline payments, online merchant payments, and cross-border transactions, enabling the company to offer a complete range of digital payment services across all merchant interaction points. On the financial front, Pine Labs’ revenue increased to Rs 650 crore in Q2 FY26 from Rs 551 crore in the same quarter last year. Pine Labs reported a net profit of Rs 6 crore in Q2 FY26 versus a loss of Rs 32 crore in Q2 FY25. Pine Labs made a positive debut on the public markets, listing at a 9.5% premium over its issue price. The stock opened at Rs 242 per share against the IPO price of Rs 221, giving the Peak XV-backed firm a stable start on the NSE and BSE. The company’s share is trading at Rs 240.85, giving it a market capitalization of Rs 26,406 crore (approx $2.9 billion).

Pine Labs enters the market with 10% listing gain

EntrackrEntrackr · 2m ago
Pine Labs enters the market with 10% listing gain
Medial

Pine Labs enters the market with 10% listing gain Fintech major Pine Labs made a positive debut on the public markets on Friday, listing at a 9.5% premium over its issue price despite lukewarm interest from retail investors during the IPO. The stock opened at Rs 242 per share against the IPO price of Rs 221, giving the Peak XV-backed firm a stable start on the NSE and BSE. The IPO, which closed on November 11, raised around Rs 3,900 crore, comprising a mix of fresh issuance and an offer for sale by existing shareholders. While institutional investors drove the bulk of the demand, retail participation remained modest. According to exchange data, Pine Labs’ IPO was oversubscribed 2.46 times overall. The retail portion saw 1.22x subscription, QIBs (excluding anchors) 4x, and Non-Institutional Investors (NIIs) just 0.3x, while the employee portion was the most subscribed at 7.35 times. Earlier this week, the company also secured three key licences from the RBI, for payment aggregation, payment gateway operations, and cross-border payments, covering both offline and online merchant transactions. These approvals allow Pine Labs to process domestic and international payments, manage settlements, and further expand its merchant network across sectors. In FY25, Pine Labs reported a 28.5% year-on-year revenue growth to Rs 2,274 crore in FY25 from Rs 1,769 crore in FY24, while net losses fell 57% to Rs 145 crore. Notably, the company turned profitable in Q1 FY26, posting a net profit of Rs 4.7 crore on revenue of Rs 616 crore. For now, the company has avoided the post-listing volatility seen in some startup IPOs earlier this year. But with public markets becoming increasingly selective, Pine Labs’ real test begins now, proving that a fintech born in the swipe era can hold its ground in the era of UPI, BNPL, and embedded finance. Pine Labs’ share touched its high of Rs 284 in the morning and as of 10:50 AM is currently trading at Rs 270.28, a 22.45% above its issue price, with the total market cap of Rs 31,051 crore ($3.52 billion).

Pine Labs partners UAE’s Wio Bank to build payment acquiring system

EntrackrEntrackr · 11d ago
Pine Labs partners UAE’s Wio Bank to build payment acquiring system
Medial

Pine Labs partners UAE’s Wio Bank to build payment acquiring system Fintech unicorn Pine Labs has partnered with UAE-based digital lender Wio Bank to build a new payment acquiring system for the bank. As part of the deal, Wio Bank will use Pine Labs’ acquiring platform, Credit+, to run its merchant payment operations. The partnership will help Wio Bank onboard merchants faster, offer real-time settlements, and support multiple payment modes across online and offline channels. Credit+ will manage the full merchant lifecycle, including onboarding, payment processing, and settlements, through a cloud-based and API-led setup. This will allow Wio Bank to launch new features quickly and handle large payment volumes securely. Wio Bank is a digital-first bank in the Middle East serving individuals and businesses. It is backed by ADQ, Alpha Dhabi, and First Abu Dhabi Bank. The partnership strengthens its payments offering for merchants in the region. For Pine Labs, the tie-up adds to its presence in the Middle East. The company works with banks and enterprises to modernise payment systems and currently operates across India, Southeast Asia, the Middle East, Africa, Australia, and the US. This development follows Pine Labs' successful acquisition of all three digital payment licences from the Reserve Bank of India (RBI). These licences cover offline payments, online merchant payments, and cross-border transactions, enabling the company to offer a complete range of digital payment services across all merchant interaction points. Pine Labs’ revenue increased to Rs 650 crore in Q2 FY26 from Rs 551 crore in the same quarter last year. Pine Labs reported a net profit of Rs 6 crore in Q2 FY26 versus a loss of Rs 32 crore in Q2 FY25.

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