About
Pine Labs is a leading technology company focused on digitizing commerce through advanced payment and issuing solutions. Founded to empower merchants, consumer brands, enterprises, and financial institutions, the company offers a comprehensive Digital Infrastructure and Transaction Platform that includes in-store and online payments, affordability solutions, value-added services like dynamic currency conversion, and fintech applications. Its issuing and acquiring platform supports prepaid and engagement solutions, helping partners enable seamless and secure transactions.
With a strong presence in India and international markets such as Malaysia, UAE, Singapore, Australia, the U.S., and Africa, Pine Labs processed 11,424.97 billion in gross transaction value (GTV) and 5.68 billion transactions in FY25. As of June 30, 2025, it serves over 988,000 merchants, 716 consumer brands and enterprises, and 177 financial institutions. Pine Labs is a market leader in prepaid card issuance and digital affordability solutions in India, according to the Redseer Report.
Built on a cloud-based architecture since 2012, the company has scaled both organically and through strategic acquisitions like Qwikcilver, Mosambee, QFix, Setu, and Credit+. These have expanded its reach across in-store and online payments, affordability services, workflow tools, and API-led digital infrastructure. Pine Labs continues to evolve with a strong focus on innovation and customer-centricity, enabling fast, secure, and flexible commerce across diverse ecosystems.
IPO schedule
| Issue open date | 2025-11-07 |
|---|---|
| Issue close date | 2025-11-11 |
| UPI mandate deadline | 2025-11-11 (5 PM) |
| Allotment finalization | 2025-11-12 |
| Refund initiation | 2025-11-13 |
| Share credit | 2025-11-13 |
| Listing date | 2025-11-14 |
| Mandate end date | 2025-11-26 |
| Lock-in end date for anchor investors (50%) | 2025-12-12 |
| Lock-in end date for anchor investors (remaining) | 2026-02-10 |
Financials
| Financial Year Ended | March 2024 | March 2025 | June 2025 |
|---|---|---|---|
| Total Assets | 9648.56 | 10715.74 | 10904.32 |
| Revenue | 1824.16 | 2327.09 | 653.08 |
| Profit After Tax | -341.90 | -145.49 | 4.79 |
Issue size
| Category | Funds Raised (₹ crores) |
|---|---|
| Total issue size | 3899.91 |
| Fresh Issue - Proceeds go to the company | 2080 |
| Offer for sale - Proceeds go to the existing investors | 1819.91 |
Utilisation of proceeds
| Purpose | INR crores (%) |
|---|---|
| Repayment/prepayment of borrowings | 532 (25.58%) |
| Investment in subsidiaries (Qwikcilver Singapore, Pine Payment Solutions Malaysia, Pine Labs UAE) | 60 (2.88%) |
| Investment in IT assets, cloud infrastructure, tech development, and procurement of DCPs | 760 (36.54%) |
| General corporate purposes | 728 (34.99%) |
Strengths
- Leading player in digital payments and issuing platforms with strong tech stack.
- Integrated suite of in-store, online payments, and prepaid solutions.
- Strong market presence across India and Southeast Asia.
- Robust merchant partnerships and scalable cloud-based infrastructure.
- Recognized with multiple awards in fintech innovation and service.
Risks
- Recent financial losses due to high operating expenses.
- Exposure to fraud, chargebacks, and billing disputes.
- Dependency on cloud and tech partners like AWS for scalability.
- Regulatory challenges in expanding to new international markets.
- Vulnerable to competition from fintechs and government digital platforms like UPI.
Allotment Status for Pine Labs
To check your IPO allotment status:
- Visit the Kfin Technologies IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.