A Festive Season Debut
Pine Labs is all set to light up the Indian stock market this Diwali with its much-awaited initial public offering valued at around ₹6,667 crore. Although the company initially targeted a larger issue, the revised plan still makes this one of the most significant fintech IPOs in 2025. The offering will combine a fresh issue of ₹2,600 crore along with an offer for sale by key investors including Peak XV Partners, Mastercard, PayPal, Invesco and Temasek, among others.
Roadshows and Investor Buzz
The fintech major has already begun roadshows with top institutional investors across India and global financial hubs. The IPO is being advised by leading banks such as Axis Bank, Morgan Stanley, Citigroup, JPMorgan Chase and Jefferies. The listing comes at a time when India’s rapid push toward digitization, led by UPI and Digital India initiatives, has created strong tailwinds for companies in the payments and fintech space. With the festive shopping season around the corner, the timing could not be better to capture investor enthusiasm.
From Payments Processor to Fintech Powerhouse
Founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upadhyay, Pine Labs has grown into one of India’s most trusted fintech players. It offers a wide range of services including point-of-sale terminals, QR payments, merchant lending, working capital solutions and consumer financing at checkout. Today, the company serves more than 9 lakh merchants and 666 consumer brands across India, Singapore, Malaysia and the UAE, handling nearly 3.97 billion transactions worth over ₹7.53 lakh crore in FY24.
Strong Financial Turnaround
While the company reported a revenue of ₹1,340 crore with a net loss of ₹190 crore in FY24, it has shown an impressive turnaround. For the nine months ending December 2024, Pine Labs reported revenue of ₹1,208 crore and a net profit of ₹26.1 crore, a sharp recovery from losses a year earlier. Funds raised from the IPO will be used to repay borrowings, invest in IT and cloud infrastructure, expand overseas operations and fuel acquisitions to strengthen its market position.
A Test for India’s Fintech IPO Wave
The Pine Labs IPO is being closely watched as a bellwether for late-stage fintech startups in India. Its outcome could shape the path for other fintech players like PhonePe, Groww and InCred that are gearing up for public offerings. For Pine Labs, the listing is more than just a capital raise—it is about cementing its place in India’s booming digital payments ecosystem and signaling confidence to global investors.
Outlook
India’s journey from cash to digital transactions is among the fastest transformations worldwide, and Pine Labs has been at the heart of this revolution. Its ₹6,667 crore IPO this October will not only be one of the largest fintech listings of the year but also a defining milestone for India’s fintech story.
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