Pine Labs is an Indian company that provides point of sales systems and payment systems, founded in 1998. The company has a valuation of over US$5 billion. The company makes Android-based

point of sale The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice f ...

(PoS) machines and has more than 70,000 retailers across India, including retail outlets such as Spencer's Retail, Pantaloons, Shoppers Stop, and Westside. It also has a presence in other countries, primarily in Asia, such as

India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...

UAE The United Arab Emirates (UAE), or simply the Emirates, is a country in West Asia, in the Middle East, at the eastern end of the Arabian Peninsula. It is a federal elective monarchy made up of seven emirates, with Abu Dhabi serving as i ...

Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...

and

Malaysia Malaysia is a country in Southeast Asia. Featuring the Tanjung Piai, southernmost point of continental Eurasia, it is a federation, federal constitutional monarchy consisting of States and federal territories of Malaysia, 13 states and thre ...

. On 21 May 2024 Pine Labs got approval from Singapore Court to dissolve its Singapore branch. Some of its notable investors include LonePine,

PayPal PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support E-commerce payment system, online money transfers; it serves as an electronic alter ...

Temasek Holdings Temasek Holdings (Private) Limited ( ) is a Singaporean State ownership, state-owned multinational investment firm. Incorporated on 25 June 1974, Temasek has a net portfolio of US$288 billion (S$389 billion) as of 2024. Headquartered at Orchard ...

, Actis Capital, Altimeter Capital, Sofina, and

Sequoia Capital Sequoia Capital Operations, LLC is an American venture capital firm headquartered in Menlo Park, California, specializing in seed stage, early stage, and growth stage investments in private companies across technology sectors. the firm had appro ...

History

The company was founded in 1998. The company evolved from petroleum retail automation to becoming a payments products and services firm for merchants. It has over 100,000 merchants in

and other Asian countries. Pine Labs has sold over 850,000 PoS terminals in India. In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants. The company acquired gifting startup Qwikcilver for $110 million in March 2019. In February 2019, the company partnered with RAKBANK to launch a payment platform in the UAE. In March 2018, Google Pay entered into partnership with Pine Labs to capture the offline payments space in India. The company partnered with UnionPay in January 2019. In April 2021, Pine Labs acquired

Southeast Asia Southeast Asia is the geographical United Nations geoscheme for Asia#South-eastern Asia, southeastern region of Asia, consisting of the regions that are situated south of China, east of the Indian subcontinent, and northwest of the Mainland Au ...

n deals and cash-back platform Fave for $45 million. Fave's co-founders Joel Neoh, Yeoh Chen Chow, and Arzumy MD, will continue working in the company to expand its presence across Southeast Asia and India. In August, 2021 the company suffered a data breach exposing the data of up to 500,000 of its users to hackers, which raised several concerns on its capabilities to protect sensitive customer information. In January 2022, Pine Labs filed confidentially for an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

(IPO) with the U.S. Securities and Exchange Commission seeking to raise about $500 million later that year at a valuation of $5.57 billion. In August 2024, it secured approval from the National Company Law Tribunal for its planned merger of its Indian and Singaporean entities.

Funding

In May 2018, Pine Labs raised $125 million ( ₹843 crores) from

and

, making it one of the unicorn startup companies with a valuation of over $1 billion. In March 2018, the company raised $82 million (₹530 crores) from Actis Capital, a

private equity fund A private equity fund (abbreviated as PE fund) is a collective investment scheme used for making investments in various equity (and to a lesser extent debt) securities according to one of the investment strategies associated with private equity. ...

and Altimeter Capital, a

California California () is a U.S. state, state in the Western United States that lies on the West Coast of the United States, Pacific Coast. It borders Oregon to the north, Nevada and Arizona to the east, and shares Mexico–United States border, an ...

-based

investment company An investment company is a financial institution principally engaged in holding, managing and investing securities. These companies in the United States are regulated by the U.S. Securities and Exchange Commission and must be registered under th ...

. It had also raised funds in 2015 from Sofina and in 2009 from

. As of May 2018, It has raised a total of $208 million. In May 2019, it was listed among the top 10 highest-funded startups in India by

CNBC TV18 CNBC TV18 is an Indian pay television business and financial news channel operated as a joint venture between NBCUniversal and Network18 Group. History The network has its origins in ABNi, an Indian sub-feed of the Dow Jones-led Asia Bu ...

. In Jan 2020, it announced it had raised an undisclosed sum from Mastercard . In December 2020, it raised US$75-$100 million led by US based billionaire Stephen Mandel's hedge fund Lone Pine Capital. After this funding Pine Labs valuation increased to more than US$2 billion. In July 2021, it raised $325 million at a valuation of $3.5 billion from Fidelity and

Blackrock BlackRock, Inc. is an American Multinational corporation, multinational investment company. Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager ...

Products and services

The company provides POS devices that allow merchants to accept credit and debit card payments.

References

List of Top 10 Fintech Companies In India 2022-23
by CEO Review Magazine {{FinTech in India Technology companies established in 1998 Financial services companies established in 1998 Indian companies established in 1998 Technology companies of India Companies based in Noida Payment service providers Privately held companies of India Online payments Mobile payments in India 1998 establishments in Uttar Pradesh

History

Funding

Products and services

See also

References