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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 rewards CEO Amrish Rau with Rs 243 Cr ESOPs ahead of market debut

EntrackrEntrackr · 14d ago
Pine Labs rewards CEO Amrish Rau with Rs 243 Cr ESOPs ahead of market debut
Medial

url: https://entrackr.com/news/pine-labs-rewards-ceo-amrish-rau-with-rs-243-cr-esops-ahead-of-market-debut-10617990. Content: Pine Labs has filed its RHP for a Rs 3,900 crore IPO. In the past four months, it added ESOPs worth Rs 564.75 crore, including Rs 243 crore granted to CEO Amrish Rau. Merchant payments and lending platform Pine Labs has filed its RHP for a Rs 3,900 crore IPO. In the past four months, the company added ESOPs worth Rs 564.75 crore, with a large portion valued at Rs 243 crore granted to their Chief Executive Officer, Amrish Rau. According to its RHP, Pine Labs had an ESOP pool of 6.15 crore options valued at Rs 1,360 crore as of June 30, 2025. Over the following four months (July 1 to November 1), the company granted an additional 2.55 crore options, expanding the total pool to 8.7 crore. Of these, 2.75 crore options were exercised and converted into equity shares at exercise prices ranging from Rs 5.4 to Rs 156. Some options were forfeited or lapsed during the period, leaving Pine Labs with 5.89 crore as a total outstanding ESOP options valued at around Rs 1,300 crore ($148 million). Of the 2.55 crore options granted in the past four months, 1.1 crore were allotted to CEO Amrish Rau, with the remainder going to other key managerial personnel. According to the red herring prospectus, before June 2025, Rau had already had 2.31 crore options, bringing his total to 3.41 crore worth Rs 755.6 crore. Pine Labs’ Rs 3,900 crore IPO includes a fresh issue of equity shares worth Rs 2,080 crore and an offer for sale (OFS) of up to 8.23 crore shares valued at Rs 1,820 crore by existing shareholders. In the OFS, early backer Peak XV is set to receive around Rs 508.4 crore, earning a return of nearly 40x on its investment. Other shareholders, including Madison India, Sofina Ventures, Temasek, PayPal, Mastercard, Invesco, and Lone Cascade, will also participate in the share sale. Pine Labs recorded a 28.5% year-on-year rise in revenue to Rs 2,274 crore in FY25, up from Rs 1,769 crore in FY24, while its net loss narrowed by 57% to Rs 145 crore. Notably, the company turned profitable in the first quarter of FY26, reporting a net profit of Rs 4.7 crore on revenue of Rs 616 crore.

Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr · 1y ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firm’s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the company’s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusiness’ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firm’s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusiness’ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/₹ of Op Revenue ₹0.98 ₹0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglix’s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

Purple Style Labs posts Rs 372 Cr revenue in FY23, cuts losses

EntrackrEntrackr · 1y ago
Purple Style Labs posts Rs 372 Cr revenue in FY23, cuts losses
Medial

Purple Style Labs, an omnichannel luxury fashion platform, experienced rapid growth with a revenue increase of over eight-fold in the last two fiscal years. Its revenue from operations reached Rs 372 crore in FY23, compared to Rs 44 crore in FY21. The Mumbai-based company also managed to narrow down its losses significantly in the fiscal year ending March 2023. Purple Style Labs primarily generates revenue from the sale of designer fashion and lifestyle products, with a significant contribution from its UK-based subsidiary. The company's expenses include material procurement, advertising and marketing, employee benefits, and other overheads. Despite the growth, Purple Style Labs still posted losses in FY23.

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