Pine Labs, an Indian merchant-commerce startup backed by PayPal and Mastercard, goes public this week at a valuation about 40% decrease than its final personal spherical — even because it doubles down on plans to take its fintech platform international.
The Gurugram-based fintech has set a worth band of ₹210–₹221 (about $2.00–$2.50) a share, valuing the corporate at roughly ₹254 billion (round $2.9 billion) on the higher finish of the vary. This represents a decline of about 40% from its final personal valuation of over $5 billion in 2022.
Pine Labs has additionally diminished its major providing by 20% to ₹20.8 billion (roughly $234 million) from ₹26 billion in its draft prospectus filed in June, whereas the supply on the market has been minimize by 44% to 82.3 million shares from 148 million shares deliberate earlier.
Current traders, together with Peak XV Companions, Temasek Holdings, PayPal, and Mastercard, are amongst these promoting a part of their holdings within the providing.
Pine Labs CEO Amrish Rau instructed reporters at a press briefing on Monday that traders had chosen to retain a bigger portion of their shareholdings, which resulted in a smaller supply on the market.
“When it got here to the pricing of this IPO, we have been very clear that we need to proceed to garner goodwill, and we needed to get all people’s help once we exit with this pricing for this IPO,” he mentioned. “We imagine we have been in a position to preserve that as a result of, on the finish of the day, it takes a village to come back collectively to create a profitable IPO.”
Based in 1998, Pine Labs initially centered on deploying point-of-sale terminals for retailers however has since advanced past cost acceptance to allow invoice funds by platforms resembling Amazon Pay and CRED, and to facilitate account-aggregator-based transactions, amongst a broader suite of cost, transaction, and buying companies.
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At present, about 70% of Pine Labs’ income comes from its digital infrastructure and transaction companies, whereas the remaining 30% is generated from its issuing and buying companies, Rau mentioned.
Pine Labs is among the many few Indian startups that already serve prospects outdoors the nation and is searching for to broaden its worldwide presence following its deliberate itemizing on Indian inventory exchanges. This aligns with the Indian authorities’s broader push to construct globally aggressive fintech choices. The corporate can be a part of a rising group of know-how corporations which have relocated their headquarters to India to faucet into the nation’s massive base of retail traders and to align extra intently with native regulatory frameworks.
The agency presently serves over 980,000 retailers, 716 shopper manufacturers, and 177 monetary establishments, powering greater than 6 billion transactions cumulatively valued at over ₹11.4 trillion (round $128 billion). It already operates in 20 nations, together with Malaysia, Singapore, Australia, Africa, the UAE, and the U.S.
Between the monetary years 2023 and 2025, Pine Labs’ income from worldwide markets grew by almost 58%, Rau mentioned.
“What we’ve got performed in fintech in India, no different nation has been in a position to do something near that,” he instructed reporters. “Now we have the chance to take this IP information, the know-how stack that we’ve got developed, and make it international. Now we have been the primary corporations which has really performed that, and we imagine that our fintech stack could be very, very a lot in demand in international markets, and that’s why we’re successful these purchasers in these worldwide markets.”
In India, Pine Labs competes with the likes of Razorpay, Paytm, and Walmart-owned PhonePe. The corporate turned worthwhile within the June quarter, posting a internet revenue of ₹47.86 million (about $540,000), in contrast with a lack of ₹278.89 million a 12 months earlier. Income from operations rose 17.9% year-over-year to ₹6.16 billion (round $69 million) within the quarter. The agency’s abroad enterprise contributed about 15% of complete income, amounting to ₹943.25 million (roughly $11 million), up from ₹795.97 million a 12 months earlier.
Pine Labs’ itemizing comes amid a wave of Indian know-how corporations making ready to go public, together with Groww, Lenskart, Shadowfax, Meesho, and BoAt, all of that are anticipated to launch their choices this 12 months.
