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Pine Labs to launch IPO in second half of 2025, CEO says
Pine Labs, an Indian fintech company, plans to launch its IPO in the second half of 2025, CEO Amrish Rau confirmed. Despite market corrections, the company remains committed to this timeline.
While the exact IPO size is undisclosed, sources suggest a US$1 billion public issue.
Pine Labs, valued at US$5 billion in 2022, is targeting a valuation between US$6 billion and US$8 billion.
Founded in 1998, Pine Labs provides payment solutions to over 500,000 merchants across India, the Middle East, and Southeast Asia.
The company initially planned a US listing but postponed it. Now, it is shifting its domicile from Singapore to India, with approval from the National Company Law Tribunal in August 2024.
Pine Labs reported an operating revenue of 1,317 crore rupee (US$152.06 million) for FY24, up from 1,281 crore rupee (US$147.90 million) the previous year. However, net loss widened to 187 crore rupee (US$21.59 million) from 56 crore rupee (US$6.47 million) .
If successful, this IPO will be the largest for an Indian fintech since Paytm’s US$2.5 billion listing in 2021.
Recent Pine Labs developments
| Timeline |
|---|
| 20-May-2024 💼 Pine Labs gets court nod to shift Singapore ops to India Pine Labs gains court approval to shift operations from Singapore to India, aiming for greater business efficiency and synergies. |
| 13-Apr-2022 💰 Pine Labs investment boosts Mosambee’s valuation to $100m Pine Labs invests significantly in Mosambee, raising its valuation over $100M and enhancing its payment solutions in India. |
| 01-Nov-2021 🌍 Pine Labs CEO joins $13m round of Sequoia-backed HR tech firm Multiplier secures $13.2M in Series A funding to enhance HR tech solutions and expand globally. |
| 20-Oct-2021 💼 Pine Labs hires former Flipkart, PayPal exec as CTO Pine Labs appoints Phanimohan Kalagara as CTO to drive global expansion of its buy now, pay later product. |
| 07-Sep-2021 💳 Pine Labs partners with Citi Malaysia to expand Asia-Pacific services Pine Payment Solutions partners with Citi Malaysia to expand interest-free installment plans for credit card holders. |
| 13-Apr-2021 💰 Pine Labs acquires Singapore’s Fave in $45m deal Fave acquires by Pine Labs for $45M, expanding smart payments in India and Southeast Asia with 100 new hires planned. |
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