What’s the story
Pine Labs, a leading fintech company backed by Peak XV, is gearing up for an initial public offering (IPO) next month.
The company’s $700 million IPO is likely to open in the first week of November, sources familiar with the matter told Livemint.
“The company is likely to go public between November 10-15. The bankers are preparing accordingly,” one of them said.
Pine Labs seeks $6B valuation
Pine Labs is looking to be valued at around $6 billion with its upcoming IPO.
The company counts Temasek, Peak XV, Sofina, and Alpha Wave among its investors. Its last valuation was around $5 billion in early 2022.
Other new-age companies such as Groww and Lenskart are also eyeing public market listings during this period.
Company turned profitable in FY25
Pine Labs got the green light from SEBI last month for its IPO.
The company reported a revenue of ₹1,344 crore in FY24, up from ₹933 crore in FY22.
It turned profitable in the first nine months of FY25 with a net profit of ₹26 crore, a major turnaround from a loss of ₹151.6 crore during the same period last year.
Pine Labs has raised over $1B
Founded in 1998 by Lokvir Kapoor, Tarun Upadhyay, and Rajul Garg, Pine Labs started as a card-based payment and loyalty solutions provider for the retail petroleum sector.
It later pivoted to the point-of-sale (PoS) technology and has since evolved into a full-stack fintech company.
The firm has raised over $1 billion from investors like Peak XV Partners, Temasek, PayPal, Mastercard, and Fidelity.
Plans to strengthen credit-at-checkout solutions
The funds raised from the IPO will be used to bolster payments infrastructure, credit offerings, and also product development.
Pine Labs plans to target mid-market and UPI-first merchants, expand further across the Southeast and West Asia, and continue acquisitions.
The company also hopes to strengthen its credit-at-checkout solutions and digitize bank-led merchant onboarding.