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Payment exertion institution Pine Labs, backed by PayPal and Mastercard, won implicit nationalist investors connected Friday, finishing its archetypal time of commercialized 14% higher adjacent aft lowering its valuation for its $440 cardinal IPO. This makes it the second-largest Indian fintech listing this twelvemonth aft online brokerage Groww’s astir $750 cardinal debut earlier this week.
The banal opened astatine ₹242 and roseate arsenic precocious arsenic ₹284 earlier settling astatine ₹252, up from the contented terms of ₹221, resulting successful a marketplace capitalization of ₹289 cardinal (approximately $3.3 billion) for the Gurugram-based company.
It’s a measurement down from Pine Labs’ 2022 private valuation of implicit $5 billion, but inactive a wide awesome that investors are backing India’s increasing propulsion to instrumentality its fintech exemplary global.
Founded successful 1998, Pine Labs has been steadily expanding beyond India and present operates successful 20 markets, including Malaysia, Singapore, Australia, the UAE, the U.S., and immoderate parts of Africa. What started arsenic a point-of-sale terminal supplier has since evolved into a broader payments level that supports measure payments, account-aggregator transactions, and a scope of merchant and acquiring services.
In India, Pine Labs competes with the likes of Razorpay, Paytm, and Walmart-owned PhonePe. The institution became profitable successful the June quarter, posting a nett net of ₹47.86 cardinal (about $540,000), compared with a nonaccomplishment of ₹278.89 cardinal a twelvemonth earlier. Revenue from operations roseate 17.9% year-over-year to ₹6.16 cardinal (around $69 million), portion its overseas concern contributed astir 15% of full revenue, rising to ₹943.25 cardinal (about $11 million) from ₹795.97 cardinal a twelvemonth earlier.
“We volition ne'er halt being a startup,” said Amrish Rau, CEO of Pine Labs, during its nationalist listing ceremony. “Now that we are a listed company, [that word] volition not beryllium heard successful our halls.”
Existing investors, including Peak XV Partners, Temasek Holdings, PayPal, and Mastercard, were among those who sold portion of their holdings successful the nationalist listing.
“Pine Labs ne'er wanted to vie connected price,” said Shailendra Singh, managing manager astatine Peak XV Partners. “It ever wanted to vie connected a superior proposition. And we cognize this institution would support compounding due to the fact that determination were specified beardown moats successful the business, and it shaped our worldview of however to deliberation astir companies and beryllium diligent and fto ecosystems mature.”
Peak XV Partners, which split from Sequoia Capital successful 2023, archetypal invested successful Pine Labs successful 2009 amid the planetary fiscal crisis. The VC steadfast is besides seeing back-to-back partial nationalist exits this week, arsenic Pine Labs is its 2nd portfolio institution to database aft Groww, which debuted connected Indian exchanges with a 12% popular and closed its archetypal trading time 29% supra its contented terms of ₹100.
Pine Labs’ marketplace debut is portion of a broader wave, arsenic the public-listing motor successful India is revving up. From tech and fintech to e-commerce and manufacturing, much startups are choosing to spell nationalist — fuelled by beardown home capitalist appetite, eased interest-rate conditions, and regulatory nudges to boost listings. Globally, concern has been the apical IPO sector this year, with IPOs worthy $34.34 cardinal truthful acold successful 2025, much than doubling the $14.05 cardinal raised implicit the aforesaid play successful 2024, according to Dealogic.
With its nationalist debut, Pine Labs plans to support widening its geographic footprint portion deepening its beingness successful India with caller products and services aimed astatine the country’s rapidly expanding, internet-driven user base.
“Our halfway concern volition support expanding. Our moats volition beryllium strengthened, and margins volition grow,” Rau said.
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