Pine Labs’ early investors set to bag stellar gains from IPO
Pine Labs will be open for subscription between 7-11 November. ₹210-221. Gurugram-based company is gearing up for a launch ₹3.809- ₹3,990 crore has been issued and the company has sought post-issue valuation of the same ₹24,217 crore ($2.7 billion) ₹25,377 crore ($2.8 billion). Other important new generation startups such as Groww and Lenskart are also monitoring the public market in this window.
The company has appointed Axis Capital, Morgan Stanley, Citi, JP Morgan and Jefferies to assist with the matter.
Pine Labs will rise ₹2,080 crore new capital along with offer for sale (OFS) of up to 82.34 million shares by existing shareholders – lower than its earlier plan ₹2,600 crore and 147.8 million shares.
Big breakthroughs ahead of us
Selling shareholders include Peak XV Partners, Actis, Temasek’s MacRitchie Investments, PayPal, Mastercard, Madison India, Lone Cascade and Sofina Ventures. Founder Lokvir Kapoor will also transfer some of his shares.
These investors will make huge profits once the company gets listed. For example, Peak XV with average purchase price ₹5.60 per share could see a 37.5x return at the lower end of the price band.
Others like Actis ( ₹71.43), MacRitchie ( ₹76.67), PayPal ( ₹77.78), MasterCard ( ₹128.62), Madison ( ₹39.43), Yalnız Çağlayan ( ₹190.87) and Sofina ( ₹47.22) will likely return between 1x and 4.5x, Mint‘s analysis showed.
Kapoor with average purchase price ₹ 0.49 will generate a return of 428.5 times from the partial share sale. Invesco will also sell up to 3.2 million shares at the average purchase price. ₹However, he will make a loss in 243.89 transactions.
Proceeds from the IPO will be used to repay debt, invest in subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions (Malaysia) and Pine Labs UAE, and strengthen IT and cloud infrastructure.
The company has grown through acquisitions such as Qwikcilver, Mosambee, QFix, Setu and Credit+, expanding its footprint in India and Southeast Asia.
India’s vibrant IPO market this year saw listings by JSW Cement, Tata Capital, Ather Energy, LG India, WeWork India and Orkla India. Other fintechs such as Razorpay, PhonePe, Moneyview, Fibe and Turtlemint are also set to enter the market soon.
Evolution and growth
Founded in 1998 by Lokvir Kapoor, Tarun Upadhyay and Rajul Garg, Pine Labs started as a card-based payment and loyalty solutions firm in the oil industry before moving into point-of-sale (PoS) technology.
As of June 2025, it serves more than 1 million merchants in the retail, grocery, lifestyle, healthcare, travel and e-commerce segments.
To date, Pine Labs has raised over $1 billion from notable investors including Peak XV Partners, Temasek, PayPal, Mastercard and Fidelity. Its largest round came in 2021, when Fidelity led a $315 million investment. It later raised nearly $50 million from London-based investment firm Vitruvian Partners at a $5 billion valuation.
It entered the gift card segment by acquiring Qwikcilver in 2019, and expanded its reach among small and medium-sized businesses by acquiring Mosambee in 2022. Its acquisition of Fave in 2020-21 marked its entry into consumer-facing UPI (Unified Payments Interface) payments and Southeast Asian markets. Pine Labs has expanded its gift card business to the US and Australia and moved into online payments to compete with players like Razorpay and Paytm.
Financial snapshot
Pine Labs’ revenue increased 29% in FY25 ₹2,274 crore ₹1,769 crore in FY24, while losses narrowed ₹145 crore ₹341.9 crore.
Reported for the June 2025 quarter ₹615 crore revenue and profit ₹4.8 crore.
