| Pine Labs Pvt. Ltd. | |
| Industry: | Fintech |
| Predecessors: | --> |
| Successors: | --> |
| Founder: | Lokvir Kapoor Rajul Garg |
| Hq Location City: | Noida, Uttar Pradesh (Corporate Office) Gurgaon, Haryana (Registered Office) |
| Hq Location Country: | India |
| Area Served: | India, Middle East, Southeast Asia |
| Key People: | Lokvir Kapoor (Executive chairman) B.Amrish Rau (CEO) |
| Products: | myPlutus app, Plutus Smart, Pine Labs Genie, Plural |
| Production Year: | |
| Revenue: | (FY23) |
| Profit: | (FY23)[1] |
| Subsid: | Qwikcilver Solutions Pvt Ltd. |
Pine Labs is an Indian company that provides point of sales systems and payment systems, founded in 1998. The company has a valuation of over US$5 billion.[2]
The company makes Android-based point of sale (PoS) machines[3] and has more than 70,000 retailers across India, including retail outlets such as Spencer's Retail, Pantaloons, Shoppers Stop, and Westside.[4] It also has a presence in other countries, primarily in Asia, such as India, UAE, Singapore and Malaysia. On 21 May 2024 Pine Labs got approval from Singapore Court to dissolve its Singapore branch.[5]
Some of its notable investors include LonePine, PayPal, Temasek Holdings, Actis Capital, Altimeter Capital, Sofina, and Sequoia Capital.
The company was founded in 1998.[6] The company evolved from petroleum retail automation to becoming a payments products and services firm for merchants. It has over 100,000 merchants in India and other Asian countries. Pine Labs has sold over 850,000 PoS terminals in India.[7]
In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.[8]
The company acquired gifting startup Qwikcilver for $110 million in March 2019.[9] [10] [11]
In February 2019, the company partnered with RAKBANK to launch a payment platform in the UAE. In March 2018, Google Pay entered into partnership with Pine Labs to capture the offline payments space in India.[12] [13] The company partnered with UnionPay in January 2019.[14]
In April 2021, Pine Labs acquired Southeast Asian deals and cash-back platform Fave for $45 million.[15] Fave's co-founders Joel Neoh, Yeoh Chen Chow, and Arzumy MD, will continue working in the company to expand its presence across Southeast Asia and India.[16]
In August, 2021 the company suffered a data breach exposing the data of up to 500,000 of its users to hackers, which raised several concerns on its capabilities to protect sensitive customer information.[17]
In January 2022, Pine Labs filed confidentially for an initial public offering (IPO) with the U.S. Securities and Exchange Commission seeking to raise about $500 million later that year at a valuation of $5.57 billion.[18]
In August 2024, it secured approval from the National Company Law Tribunal for its planned merger of its Indian and Singaporean entities.[19]
In May 2018, Pine Labs raised $125 million (₹843 crores) from Temasek Holdings and PayPal, making it one of the unicorn startup companies with a valuation of over $1 billion.[20] [21]
In March 2018, the company raised $82 million (₹530 crores) from Actis Capital, a private equity fund and Altimeter Capital, a California-based investment company.[22] It had also raised funds in 2015 from Sofina and in 2009 from Sequoia Capital.[23] [24] As of May 2018, It has raised a total of $208 million.[20]
In May 2019, it was listed among the top 10 highest-funded startups in India by CNBC TV18.[25] In Jan 2020, it announced it had raised an undisclosed sum from Mastercard .[26] In December 2020, it raised US$75-$100 million led by US based billionaire Stephen Mandel's hedge fund Lone Pine Capital. After this funding Pine Labs valuation increased to more than US$2 billion. In July 2021, it raised $325 million at a valuation of $3.5 billion from Fidelity and Blackrock.[27]
The company provides POS devices that allow merchants to accept credit and debit card payments.[28] [29] [30] [31]
List of Top 10 Fintech Companies In India 2022-23 by CEO Review Magazine