Pine Labs Expands Globally Ahead of IPO

Pine Labs is preparing for a public listing in India in November 2025 while strengthening its position as a global merchant commerce platform. The company has transitioned from offering card-swipe terminals to operating a full digital commerce and payments infrastructure for merchants and enterprises.

The IPO will open for subscription on November 7, 2025, and close on November 11, 2025. Listing is expected on November 14, 2025.

Pine Labs IPO Structure

Pine Labs processed ₹11.42 lakh crore in gross transaction value across 5.68 billion transactions in FY25. The platform works with close to one million merchants and 177 financial institutions.

Strategy for Global Markets

Chief Executive Amrish Rau has outlined a clear plan to expand in Southeast Asia and the Middle East. These regions already show strong digital payment adoption, making it easier to scale Pine Labs’ platform.

Rau stated that Pine Labs intends to replicate the fintech operating models built in India across other regions. The company believes that the technology and integrations developed in India can be transferred to global markets where merchant ecosystems are still evolving.

Pine Labs is present in 20 markets, including Malaysia, Singapore, the UAE, Australia, and parts of Africa. Overseas business has grown faster than domestic operations.

International revenue share 

International revenue contributed ₹338 crore in FY25 and rose to ₹943.25 million in Q1 FY26, showing continued traction.

Use of IPO Proceeds

₹60 crore will fund overseas subsidiaries such as Qwikcilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE. The company will invest ₹760 crore in cloud systems and core technology to support scaling. ₹532 crore will be used for debt reduction. The remaining funds are reserved for general corporate purposes and selective acquisitions.

Acquisitions Strengthening Capabilities

Pine Labs has used targeted acquisitions to expand its offering:

• Qwikcilver (2019) introduced digital gifting and rewards infrastructure.

• Fave (2021) added consumer loyalty and cashback solutions in Southeast Asia.

• Setu (2022) added fintech APIs that connect Pine Labs to account aggregation, UPI frameworks, and digital lending systems.

These acquisitions allowed Pine Labs to move beyond payment terminals into merchant engagement, digital issuing, and data-driven commerce systems.

Financial Analysis Of Pine Labs

Revenue 

Pine Labs’ net revenue grew steadily YoY, from Rs 958 crore in FY22 to ₹1327.5 crore in FY23 with a strong 38.6% increase, and further to Rs 1375.8 crore in FY24, a modest 3.6% rise. This indicates that while the company maintained growth, the pace slowed down significantly in FY24.

EBITDA

EBITDA rose from Rs 137.9 crore in FY22 to Rs 197.6 crore in FY23 (43.3% growth), but declined to Rs 145.2 crore in FY24 (a 26.5% drop). This dip suggests higher operational costs or reduced profitability.

Net Income

Net income was consistently negative over the three years, showing continued losses. The loss deepened from Rs 23.3 crore in FY22 to Rs 51.4 crore in FY23, and further to a significant ₹182.3 crore in FY24. This sharp deterioration in FY24 (over 3.5x increase in net loss). Persistent and rising losses often undermine investor confidence, which makes the share price suffer negatively.

EPS

EPS remained negative throughout, in line with net losses. Interestingly, despite a higher net loss in FY24, EPS improved from (₹4.08) in FY23 to (₹2.23) in FY24. If this trend continues, investors may see it as a step toward eventual profitability, which could cushion the impact on share price.

Future outlook

Growth in digital payments across developing markets aligns with Pine Labs’ operating strengths, especially in merchant-side integrations rather than only consumer-facing apps. The company is positioning itself as an infrastructure layer that sits between banks, brands, and retailers. This approach reduces dependence on any one revenue source and supports recurring transaction-based income.

The leadership also highlighted that Pine Labs is observing increasing demand for loyalty-linked payments, prepaid wallets, and pay-later offerings in offline retail environments outside India. These areas are expected to be priority product lines as the company develops localised tools for international merchants.