Pine laboratoriesIndian commerce startup backed by PayPal and Mastercard will go public this week at a valuation around 40% lower than its last private round – even as it doubles down on plans to take its fintech platform to the global market.
The Gurugram-based fintech has set a price range of ₹210-221 (about $2.00-$2.50) per share, valuing the company at around ₹254 billion (about $2.9 billion) at the high end of the range. This represents a decline of roughly 40% from its last private valuation of over $5 billion in 2022.
Pine Labs also reduced its base offer by 20% to 20.8 billion kilos (about $234 million) from 26 billion kilos in a draft prospectus filed in June, while its offer for sale was reduced by 44% to 82.3 million shares from a previously planned 148 million shares.
Existing investors including Peak XV Partners, Temasek Holdings, PayPal and Mastercard are among those selling part of their stake in the offering.
Pine Labs CEO Amrish Rau told reporters at a press conference Monday that investors had chosen to retain a larger portion of their stake, resulting in a smaller sales pitch.
“In terms of the price of this IPO, we were very clear that we wanted to continue to gather goodwill and we wanted to get everyone’s buy-in as we priced this IPO,” he said. “We believe we have been able to maintain this because, ultimately, it takes a village to come together to pull off a successful IPO.”
Founded in 1998, Pine Labs initially focused on deploying point-of-sale terminals for merchants, but has since expanded beyond payment acceptance to enable bill payments through platforms resembling Amazon Pay and CRED and facilitate account aggregator-based transactions as part of a broader suite of payment, transaction and acquisition services.
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Currently, about 70% of Pine Labs’ revenue comes from digital infrastructure and transaction services, with the remaining 30% coming from its banknote issuance and repossession business, Rau said.
Pine Labs is one of the few Indian startups that already serves clients abroad and is looking to expand its presence internationally after its planned listing on Indian stock exchanges. This is in line with the position of the Indian government wider push to create globally competitive fintech offerings. The company is also among a growing group of technology firms that have moved their headquarters to India to take advantage of the country’s large retail investor base and higher adapt to the local regulatory framework.
The company currently serves over 980,000 merchants, 716 consumer brands and 177 financial institutions, processing over six billion transactions with a total value of over £11.4 trillion (roughly $128 billion). It already operates in 20 countries, including Malaysia, Singapore, Australia, Africa, the United Arab Emirates and the USA
Rau said that between fiscal years 2023 and 2025, Pine Labs’ revenue from international markets increased by almost 58%.
“What we have done in fintech in India, no other country has been able to achieve something like it,” he told reporters. “We have an opportunity to take that IP knowledge and the technology stack that we’ve developed and make it global. We’re the first company to do that and we believe that our fintech stack is very, very in demand in global markets and that’s why we’re acquiring those customers in those international markets.”
In India, Pine Labs competes with the likes of Razorpay, Paytm and Walmart-owned PhonePe. The company achieved profitability in June, posting a net profit of 47.86 million kilos (about $540,000), compared with a loss of 278.89 million kilos a yr earlier. Operating revenue increased 17.9% year-over-year to 6.16 billion kilos (roughly $69 million) in the quarter. The company’s overseas operations contributed about 15% of total revenues of 943.25 million kilos (about $11 million), up from 795.97 million kilos a yr earlier.
Pine Labs’ listing follows a wave of Indian technology firms preparing to go public, including Groww, Lens card, Shadowfax, MeeshoAND Łódźall of which are expected to launch their offerings this yr.