Pine Labs
Indian merchant platform company
From Wikipedia, the free encyclopedia
Pine Labs is an Indian multinational company that provides point of sale (POS) systems and payment systems. Founded in 1998, it makes Android-based POS machines that are primarily used by retailers in India, UAE, and Malaysia.[3][4][5]
 | |
| Company type | Public |
|---|---|
| NSE: PINELABS BSE: 544606 | |
| Industry | Fintech |
| Founded | 1998 |
| Founders | Lokvir Kapoor Rajul Garg |
| Headquarters | |
Area served | India, Middle East, Southeast Asia |
Key people | Lokvir Kapoor (Executive chairman) B. Amrish Rau (CEO) |
| Products | myPlutus app, Plutus Smart, Pine Labs Genie,[1] Plural |
| Revenue |  ₹2,274 crore (US$270 million) (FY25)[2] |
 ₹−145 crore (US$−17 million) (FY25)[2] | |
| Subsidiaries | Qwikcilver Solutions Pvt Ltd. |
| Website | pinelabs.com |
History
The company was founded in 1998.[6] The company initially provided petroleum retail automation services, before becoming a payments products and services firm for merchants, selling POS terminals.[7]
In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.[8]
The company acquired gifting startup Qwikcilver for $110 million in March 2019.[9][10][11]
In February 2019, the company partnered with RAKBANK to launch a payment platform in the UAE. In March 2018, Google Pay and Pine Labs partnered for offline payments offerings in India.[12][13] The company partnered with UnionPay in January 2019.[14]
In April 2021, Pine Labs acquired Southeast Asian deals and cash-back platform Fave for $45 million.[15] Fave's co-founders Joel Neoh, Yeoh Chen Chow, and Arzumy MD, continued working in the company.[16]
In August 2021, the company suffered a data breach exposing the data of up to 500,000 of its users to hackers.[17]
In January 2022, Pine Labs filed confidentially for an initial public offering (IPO) with the U.S. Securities and Exchange Commission seeking to raise about $500 million.[18]
On 21 May 2024, Pine Labs received approval from Singapore Court to dissolve its Singapore branch.[19] In August 2024, it obtained approval from the National Company Law Tribunal for its planned merger of its Indian and Singaporean entities.[20]
In February 2026, a partnership was announced between OpenAI and Pine Labs.[21]
Funding
Pine Labs raised funds in 2009 from Sequoia Capital and in 2015 from Sofina.[22][23]
In March 2018, the company raised $82 million (₹530 crore) from Actis Capital, a private equity fund, and Altimeter Capital, a California-based investment company.[24] In May 2018, Pine Labs raised $125 million (₹843 crore) from Temasek Holdings and PayPal, making it a unicorn startup company valued over $1 billion.[25][26][3]
In January 2020, it raised an undisclosed sum from Mastercard.[27] In December 2020, it raised US$75-$100 million led by US-based billionaire Stephen Mandel's hedge fund Lone Pine Capital at a valuation of more than US$2 billion. In July 2021, it raised $325 million at a valuation of $3.5 billion from Fidelity and BlackRock.[28]
In 2022, the company raised $150 million from Alpha Wave at a valuation of US$5 billion.[29]