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IPO-bound Pine Labs to appoint Avendus’ Sameer Kamath as new CFO - The Economic Times

Economic Times

Economic Times · 2m ago

IPO-bound Pine Labs to appoint Avendus’ Sameer Kamath as new CFO - The Economic Times

Pine Labs is set to appoint Sameer Kamath as its new CFO, following the resignation of Marc Mathenz. Kamath, currently CFO at Avendus Capital, will join the IPO-bound merchant payments company soon. This change coincides with Shalini Saxena returning as general counsel. Pine Labs, aiming for a $4.5-$5 billion valuation, plans to raise Rs 2,600 crore through a share issue. It counts major shareholders like Peak XV Partners, Mastercard, PayPal, and Actis.

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Related News

Pine Labs appoints Avendus’ Sameer Kamath as CFO ahead of IPO - The Economic Times

Economic Times

Economic Times · 29d ago

Pine Labs appoints Avendus’ Sameer Kamath as CFO ahead of IPO - The Economic Times

Pine Labs, a merchant payments company, appointed Sameer Kamath as CFO, replacing Marc Mathenz. Kamath, with over 20 years’ financial experience, will manage finance strategy, accounting, and investor relations. As Pine Labs prepares for its IPO, targeting a valuation of $4.5–5 billion, Kamath’s expertise is seen as pivotal. The company, supported by major investors, is strengthening its leadership, including the return of Shalini Saxena as general counsel.

IPO-Bound Pine Labs Faces Tax Demands & Auditor Concerns

Inc42 · 2m ago

IPO-Bound Pine Labs Faces Tax Demands & Auditor Concerns

Pine Labs, a fintech company preparing for an IPO, faces significant tax and legal issues in India, with GST-related claims exceeding INR 300 crore. In February 2025, Bangalore's Joint Commissioner upheld a tax demand of INR 214.1 crore raised by GST Intelligence, Mumbai. Additionally, Pine Labs’ audit reports for FY22, FY23, and FY24 reveal concerns over internal financial controls, audit trail compliance, and delays in statutory payments, as outlined in its draft red herring prospectus (DRHP).

Pine Labs gets NCLT nod to reverse flip Singapore entity

Economic Times

Economic Times · 4m ago

Pine Labs gets NCLT nod to reverse flip Singapore entity

Pine Labs has received approval from the National Company Law Tribunal (NCLT) to merge its Singapore entity with its Indian entity, effectively reverse flipping its parent company back to India. This aligns Pine Labs with other fintech firms like Groww and potentially Razorpay making similar moves. With all statutory and regulatory approvals in place, Pine Labs plans to list on Indian stock exchanges. The company, valued at $5 billion, aims for a billion-dollar IPO despite market uncertainties.

Serentica mulls stake sale; Pine Labs, Zepto may shift HQ to India

VCCircle

VCCircle · 1y ago

Serentica mulls stake sale; Pine Labs, Zepto may shift HQ to India

Serentica Renewables, backed by Sterlite Power, is considering selling a minority stake to raise around $300 million for its expansion. Pine Labs and Zepto may also be shifting their headquarters to India. These plans are still in the early stages, with Serentica Renewables expected to appoint a banker to oversee the stake sale process.

Invesco reduces fair value of Pine Labs, Swiggy

Economic Times

Economic Times · 1y ago

Invesco reduces fair value of Pine Labs, Swiggy

Invesco, a US-based investor, has reduced the fair value of fintech company Pine Labs and food delivery firm Swiggy in its books, according to its half-yearly shareholder report. As of April 30, Pine Labs was valued at $3.5 billion, down from $3.8 billion in January. Swiggy's valuation was also marginally reduced. Pine Labs, a payments company, recently received court approval to merge its entity in Singapore with its domestic one. Swiggy, on the other hand, has made a confidential filing for its $1.25 billion IPO.

Fintech firm Pine Labs weighs $1 billion IPO in India

Economic Times

Economic Times · 1y ago

Fintech firm Pine Labs weighs $1 billion IPO in India

Pine Labs, a digital payments provider based in Asia, is considering raising around $1 billion in an initial public offering (IPO) in India. The company, backed by Peak XV Partners and Mastercard, may seek a valuation of over $6 billion in the IPO. Pine Labs currently serves over 500,000 merchants in various regions and offers payment and financial solutions. If successful, this would be the largest IPO by an Indian fintech firm after Paytm's $2.5 billion offering earlier this year.

Peak XV-backed Pine Labs targeting IPO in second half of 2025

VCCircle

VCCircle · 5m ago

Peak XV-backed Pine Labs targeting IPO in second half of 2025

Pine Labs, an Indian fintech backed by Peak XV, is planning a domestic IPO in the second half of 2025 despite current weak market conditions. CEO Amrish Rau emphasized focusing on building a lasting company rather than being swayed by the market. The $1 billion IPO will involve raising fresh capital and selling some existing stakes. Pine Labs, last valued at $5 billion, is diversifying income streams and focusing on tech solutions for financial institutions.

Pine Labs files for IPO, eyes Rs 2,600 Cr fresh fundraise

YourStory

YourStory · 2m ago

Pine Labs files for IPO, eyes Rs 2,600 Cr fresh fundraise

Pine Labs has filed draft papers with SEBI for an IPO, aiming to raise Rs 2,600 crore through a fresh share issue. Existing investors, including Peak XV Partners, PayPal, and Mastercard, plan to offload up to 147.8 million shares. The funds will support international expansion, technological development, and debt reduction. Additionally, Pine Labs' entities reported increased FY24 losses due to rising expenses, despite modest revenue growth. Morgan Stanley, Citigroup, and Jefferies are lead managers for the IPO.

Exclusive: Pine Labs looks at merger possibility with peer to brighten IPO prospects

VCCircle

VCCircle · 1y ago

Exclusive: Pine Labs looks at merger possibility with peer to brighten IPO prospects

Pine Labs, an Indian digital payments company, is considering a merger with a local fintech company in a bid to enhance its IPO prospects. The company, which is moving its base back to India from Singapore, aims to achieve a combined listing through the merger. Pine Labs is backed by investors including Peak XV Partners and private equity firm Actis.

American funds Baron Funds and Invesco hikes Pine Labs’ valuation

IndianStartupNews

IndianStartupNews · 1y ago

American funds Baron Funds and Invesco hikes Pine Labs’ valuation

Pine Labs, a digital payments startup, has seen a revision in its valuation by American funds Baron Funds and Invesco. Baron Funds increased the startup's valuation to $5.8 billion, while Invesco raised it to $4.8 billion. Both funds have minor stakes in Pine Labs, with Baron Funds holding about 1.3% and Invesco owning approximately 2.8%. Despite a rise in valuation, Pine Labs faced profitability challenges, reporting increased revenue of around $195 million but also higher losses of about $28 million in fiscal year 2023. The company is focused on expansion and has been considering an IPO.

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