The fintech, whose main backer is venture capital firm Peak XV, offers full-stack payment solutions such as POS machines to merchants for card payments, competing with Paytm and Walmart’s PhonePe.
India’s stock markets note losses of over USD 1 trillion in market capitalisation due to negative investor sentiment from market volatility. This challenge for retail investors is denting consumer spending and slowing growth in the country’s economy, as uncertainty about the impact on global growth adds to worries over weak domestic earnings and persistent foreign outflows. The broader economy is expected to grow at its slowest pace in four years in the current financial year due to weak urban demand. Consumer spending, already in decline due to decreased income growth and high inflation, makes up half of India's gross domestic product.
However, Pine Labs planned a USD 1 billion IPO in 2025, a source with direct knowledge of the market. The fintech added that this will be a mix of raising new capital and some existing investors selling their stakes, declining to comment on the IPO size.
Pine Labs mentioned that even if the IPO timing changes, it is still ready for the public market. If the issue goes through, it would be the second largest fintech IPO in India after Paytm’s USD 2.5 billion listing in 2021.
The fintech was last valued at USD 5 billion when it raised its last funds in 2022 with investors such as Paypal, Mastercard, and Singapore’s Temasek. It now aims to diversify its income streams and focus on tech solutions for banks, fintechs, and corporates. The fintech is now awaiting regulatory clearance to move its domicile to India.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now