Pine Labs Prepares for $700 Million IPO in November

Pine Labs, a prominent fintech company based in India and supported by the investment firm Peak XV, is set to launch its initial public offering (IPO) next month, aiming to raise approximately $700 million. Sources familiar with the situation indicate that the IPO is expected to open in the first week of November, likely between November 10 and 15. Bankers involved in the process have begun preparations in anticipation of this significant financial event.

The upcoming IPO values Pine Labs at around $6 billion, a notable increase from its previous valuation of $5 billion in early 2022. The company has attracted investments from notable firms including Temasek, Peak XV, Sofina, and Alpha Wave. With its recent approval from the Securities and Exchange Board of India (SEBI) for the IPO, Pine Labs is poised to capitalize on the growing interest in public market listings from other tech-driven companies such as Groww and Lenskart.

Financial Performance and Future Plans

Pine Labs reported impressive financial growth, with revenues reaching ₹1,344 crore in the fiscal year 2024, a substantial increase from ₹933 crore in fiscal year 2022. The company achieved profitability in the first nine months of fiscal year 2025, recording a net profit of ₹26 crore, a significant turnaround from a loss of ₹151.6 crore during the same period the previous year. This positive financial trajectory underscores the company’s resilience and growth potential in a competitive market.

Founded in 1998 by Lokvir Kapoor, Tarun Upadhyay, and Rajul Garg, Pine Labs initially focused on card-based payment and loyalty solutions for the retail petroleum sector. Over the years, it has transitioned to a comprehensive fintech solution provider, specializing in point-of-sale (PoS) technology.

The funds raised from the IPO will be strategically allocated to enhance Pine Labs’ payments infrastructure, expand credit offerings, and support product development. The company aims to focus on mid-market and UPI-first merchants, while also planning to extend its reach across Southeast and West Asia. Additionally, Pine Labs intends to strengthen its credit-at-checkout solutions and streamline the digitization of bank-led merchant onboarding.

As the fintech landscape evolves, Pine Labs is positioning itself to capitalize on emerging opportunities, ensuring robust growth and innovation in the coming years.