Pine Labs

<h2 id="history">History</h2>
The company was founded in 1998.<a class="footnote-ref" id="fnref:6" href="#fn:6">6</a> The company evolved from petroleum retail automation to becoming a payments products and services firm for merchants. It has over 100,000 merchants in <a href="/facts/India/1kKHcnxM">India</a> and other Asian countries. Pine Labs has sold over 850,000 PoS terminals in India.<a class="footnote-ref" id="fnref:7" href="#fn:7">7</a>
In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.<a class="footnote-ref" id="fnref:8" href="#fn:8">8</a>
The company acquired gifting startup Qwikcilver for $110 million in March 2019.<a class="footnote-ref" id="fnref:9" href="#fn:9">9</a><a class="footnote-ref" id="fnref:10" href="#fn:10">10</a><a class="footnote-ref" id="fnref:11" href="#fn:11">11</a>
In February 2019, the company partnered with <a href="/facts/RAKBANK/PsWMTHnR">RAKBANK</a> to launch a payment platform in the UAE. In March 2018, <a href="/facts/Google_Pay_(mobile_app)/PPuFy5G6">Google Pay</a> entered into partnership with Pine Labs to capture the offline payments space in India.<a class="footnote-ref" id="fnref:12" href="#fn:12">12</a><a class="footnote-ref" id="fnref:13" href="#fn:13">13</a> The company partnered with <a href="/facts/UnionPay/dJfbKpuF">UnionPay</a> in January 2019.<a class="footnote-ref" id="fnref:14" href="#fn:14">14</a>
In April 2021, Pine Labs acquired <a href="/facts/Southeast_Asia/VafwT517">Southeast Asian</a> deals and cash-back platform Fave for $45 million.<a class="footnote-ref" id="fnref:15" href="#fn:15">15</a> Fave's co-founders <a href="/facts/Joel_Neoh_Eu-Jin/LRGKN1GU">Joel Neoh</a>, Yeoh Chen Chow, and Arzumy MD, will continue working in the company to expand its presence across Southeast Asia and India.<a class="footnote-ref" id="fnref:16" href="#fn:16">16</a>
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.<a class="footnote-ref" id="fnref:17" href="#fn:17">17</a>
In January 2022, Pine Labs filed confidentially for an <a href="/facts/Initial_public_offering/2NntDhrG">initial public offering</a> (IPO) with the <a href="/facts/U.S._Securities_and_Exchange_Commission/IM9Pl2gK">U.S. Securities and Exchange Commission</a> seeking to raise about $500 million later that year at a valuation of $5.5 – 7 billion.<a class="footnote-ref" id="fnref:18" href="#fn:18">18</a>
In August 2024, it secured approval from the <a href="/facts/National_Company_Law_Tribunal/mIWPd7KQ">National Company Law Tribunal</a> for its planned merger of its Indian and Singaporean entities.<a class="footnote-ref" id="fnref:19" href="#fn:19">19</a>

<h2 id="funding">Funding</h2>
In May 2018, Pine Labs raised $125 million (<a href="/facts/Indian_rupee/Pxoju0ms">₹</a>843<a href="/facts/Crore/goXA4nHv"> crores</a>) from <a href="/facts/Temasek_Holdings/NKAvb2Lv">Temasek Holdings</a> and <a href="/facts/PayPal/tlShukIa">PayPal</a>, making it one of the <a href="/facts/List_of_unicorn_startup_companies/HGJ6T8EJ">unicorn startup companies</a> with a valuation of over $1 billion.<a class="footnote-ref" id="fnref:20" href="#fn:20">20</a><a class="footnote-ref" id="fnref:21" href="#fn:21">21</a>
In March 2018, the company raised $82 million (₹530 crores) from <a href="/facts/Actis_Capital/0pvongRw">Actis Capital</a>, a <a href="/facts/Private_equity_fund/60xs1vJT">private equity fund</a> and Altimeter Capital, a <a href="/facts/California/zLW2vdQJ">California</a>-based <a href="/facts/Investment_company/dQC7HBhr">investment company</a>.<a class="footnote-ref" id="fnref:22" href="#fn:22">22</a> It had also raised funds in 2015 from <a href="/facts/Sofina/1XUQj01m">Sofina</a> and in 2009 from <a href="/facts/Sequoia_Capital/PY46UgYf">Sequoia Capital</a>.<a class="footnote-ref" id="fnref:23" href="#fn:23">23</a><a class="footnote-ref" id="fnref:24" href="#fn:24">24</a> As of May 2018, It has raised a total of $208 million.<a class="footnote-ref" id="fnref:25" href="#fn:25">25</a>
In May 2019, it was listed among the top 10 highest-funded startups in India by <a href="/facts/CNBC_TV18/9IeUwg16">CNBC TV18</a>.<a class="footnote-ref" id="fnref:26" href="#fn:26">26</a> In Jan 2020, it announced it had raised an undisclosed sum from <a href="/facts/Mastercard/M0lofWzy">Mastercard</a> .<a class="footnote-ref" id="fnref:27" href="#fn:27">27</a> 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 <a href="/facts/BlackRock/bQWj1qcj">Blackrock</a>.<a class="footnote-ref" id="fnref:28" href="#fn:28">28</a>

<h2 id="products-and-services">Products and services</h2>
The company provides POS devices that allow merchants to accept credit and debit card payments.<a class="footnote-ref" id="fnref:29" href="#fn:29">29</a><a class="footnote-ref" id="fnref:30" href="#fn:30">30</a><a class="footnote-ref" id="fnref:31" href="#fn:31">31</a><a class="footnote-ref" id="fnref:32" href="#fn:32">32</a>

<h2 id="see-also">See also</h2>
<ul><li><a href="/facts/List_of_unicorn_startup_companies/HGJ6T8EJ">List of unicorn startup companies</a></li></ul>

<a href="https://ceoreviewmagazine.com/top-10/top-10-fintech-companies-in-india/">List of Top 10 Fintech Companies In India 2022-23</a> by CEO Review Magazine

<h2 id="references">References</h2>

<ol>
<li id="fn:1">Upadhaya, Harsh (18 February 2022). "Pine Labs raises $150 Mn from Alpha Wave at $5 Bn valuation". entrackr.com. <a href="https://entrackr.com/2022/02/pine-labs-raises-150-mn-from-alpha-wave-at-5-bn-valuation/" target="_blank">https://entrackr.com/2022/02/pine-labs-raises-150-mn-from-alpha-wave-at-5-bn-valuation/</a> <a href="#fnref:1" class="footnote-back-ref">↩</a></li>
<li id="fn:2">https://www.livemint.com/companies/news/pine-labs-plans-to-deploy-1-5-lakh-android-pos-devices-by-next-fiscal-11582462971021.html <a href="https://www.livemint.com/companies/news/pine-labs-plans-to-deploy-1-5-lakh-android-pos-devices-by-next-fiscal-11582462971021.html" target="_blank">https://www.livemint.com/companies/news/pine-labs-plans-to-deploy-1-5-lakh-android-pos-devices-by-next-fiscal-11582462971021.html</a> <a href="#fnref:2" class="footnote-back-ref">↩</a></li>
<li id="fn:3">Gooptu, Biswarup; Bhakta, Pratik (28 August 2017). "Season may be right for Sequoia to exit Pine Labs". The Economic Times. <a href="https://economictimes.indiatimes.com/small-biz/startups/season-may-be-right-for-sequoia-to-exit-pine-labs/articleshow/60251923.cms" target="_blank">https://economictimes.indiatimes.com/small-biz/startups/season-may-be-right-for-sequoia-to-exit-pine-labs/articleshow/60251923.cms</a> <a href="#fnref:3" class="footnote-back-ref">↩</a></li>
<li id="fn:4">"Here are the top 10 highest-funded startups in India". CNBC TV18. 29 May 2019. <a href="https://www.cnbctv18.com/photos/startup/oyo-byjus-among-the-top-funded-startups-in-india-3503811-2.htm" target="_blank">https://www.cnbctv18.com/photos/startup/oyo-byjus-among-the-top-funded-startups-in-india-3503811-2.htm</a> <a href="#fnref:4" class="footnote-back-ref">↩</a></li>
<li id="fn:5">https://www.thehindubusinessline.com/money-and-banking/pine-labs-receives-singapore-court-nod-to-shift-base-to-india/article68196746.ece <a href="https://www.thehindubusinessline.com/money-and-banking/pine-labs-receives-singapore-court-nod-to-shift-base-to-india/article68196746.ece" target="_blank">https://www.thehindubusinessline.com/money-and-banking/pine-labs-receives-singapore-court-nod-to-shift-base-to-india/article68196746.ece</a> <a href="#fnref:5" class="footnote-back-ref">↩</a></li>
<li id="fn:6">"Indian fintech firm Pine Labs confidentially files for U.S. IPO". The Hindu. 10 January 2022. ISSN 0971-751X. Retrieved 4 July 2022. <a href="https://www.thehindu.com/sci-tech/technology/indian-fintech-firm-pine-labs-confidentially-files-for-us-ipo/article38216927.ece" target="_blank">https://www.thehindu.com/sci-tech/technology/indian-fintech-firm-pine-labs-confidentially-files-for-us-ipo/article38216927.ece</a> <a href="#fnref:6" class="footnote-back-ref">↩</a></li>
<li id="fn:7">Abrar, Peerzada; Mishra, Bibhu Ranjan (12 June 2019). "Pine Labs gears up for next phase of growth, plans to foray into new mkts". Business Standard. <a href="https://www.business-standard.com/article/companies/pine-labs-gears-up-for-next-phase-of-growth-plans-to-foray-into-new-mkts-119061200040_1.html" target="_blank">https://www.business-standard.com/article/companies/pine-labs-gears-up-for-next-phase-of-growth-plans-to-foray-into-new-mkts-119061200040_1.html</a> <a href="#fnref:7" class="footnote-back-ref">↩</a></li>
<li id="fn:8">Tyagi, Gaurav (30 July 2019). "Pine Labs secures Rs 707 Cr from Singapore-based parent company". Entrackr. Retrieved 4 July 2022. <a href="https://entrackr.com/2019/07/pine-labs-rs-707-cr-singapore-parent/" target="_blank">https://entrackr.com/2019/07/pine-labs-rs-707-cr-singapore-parent/</a> <a href="#fnref:8" class="footnote-back-ref">↩</a></li>
<li id="fn:9">Bhakta, Pratik (20 March 2019). "Pine Labs acquires gifting startup Qwikcilver". The Economic Times. <a href="https://tech.economictimes.indiatimes.com/news/startups/pine-labs-acquires-gifting-startup-qwikcilver/68484948" target="_blank">https://tech.economictimes.indiatimes.com/news/startups/pine-labs-acquires-gifting-startup-qwikcilver/68484948</a> <a href="#fnref:9" class="footnote-back-ref">↩</a></li>
<li id="fn:10">"Why Pine Labs is acquiring Qwikcilver". The Economic Times. 26 February 2019. <a href="https://tech.economictimes.indiatimes.com/news/startups/why-pine-labs-is-acquiring-qwikcilver/68170511" target="_blank">https://tech.economictimes.indiatimes.com/news/startups/why-pine-labs-is-acquiring-qwikcilver/68170511</a> <a href="#fnref:10" class="footnote-back-ref">↩</a></li>
<li id="fn:11">Arakali, Harichandan (19 March 2019). "Singapore's Pine Labs acquires gift card tech company Qwikcilver in $110 million deal". Forbes India. <a href="http://www.forbesindia.com/article/special/singapores-pine-labs-acquires-gift-card-tech-company-qwikcilver-in-$110-million-deal/52841/1" target="_blank">http://www.forbesindia.com/article/special/singapores-pine-labs-acquires-gift-card-tech-company-qwikcilver-in-$110-million-deal/52841/1</a> <a href="#fnref:11" class="footnote-back-ref">↩</a></li>
<li id="fn:12">Soni, Yatti (28 March 2018). "Google Pay Partners With Pine Labs To Capture Offline Payments Space In India". Inc42.com. <a href="https://inc42.com/buzz/google-pay-partners-with-pine-labs-to-capture-offline-payments-space-in-india/" target="_blank">https://inc42.com/buzz/google-pay-partners-with-pine-labs-to-capture-offline-payments-space-in-india/</a> <a href="#fnref:12" class="footnote-back-ref">↩</a></li>
<li id="fn:13">"Google Pay looks beyond UPI, card payments in the works". The Economic Times. 10 May 2019. <a href="https://tech.economictimes.indiatimes.com/news/internet/google-pay-to-allow-users-to-pay-via-debit-and-credit-cards/69258604" target="_blank">https://tech.economictimes.indiatimes.com/news/internet/google-pay-to-allow-users-to-pay-via-debit-and-credit-cards/69258604</a> <a href="#fnref:13" class="footnote-back-ref">↩</a></li>
<li id="fn:14">"UnionPay acceptance coverage in India continues to increase". Unionpayintl. 10 January 2019. <a href="https://www.unionpayintl.com/en/mediaCenter/newsCenter/companyNews/4850.shtml" target="_blank">https://www.unionpayintl.com/en/mediaCenter/newsCenter/companyNews/4850.shtml</a> <a href="#fnref:14" class="footnote-back-ref">↩</a></li>
<li id="fn:15">"Pine Labs has just bought Fave for $45 million". Entrepreneurship News, Community, and Resources | BEAMSTART. Retrieved 13 April 2021. <a href="https://beamstart.com/content/129665/pine-labs-buys-fave" target="_blank">https://beamstart.com/content/129665/pine-labs-buys-fave</a> <a href="#fnref:15" class="footnote-back-ref">↩</a></li>
<li id="fn:16">"Pine Labs acquires Southeast Asian startup Fave for $45 million". TechCrunch. 13 April 2021. Retrieved 13 April 2021. <a href="https://techcrunch.com/2021/04/13/pine-labs-acquires-southeast-asian-startup-fave-for-45-million/" target="_blank">https://techcrunch.com/2021/04/13/pine-labs-acquires-southeast-asian-startup-fave-for-45-million/</a> <a href="#fnref:16" class="footnote-back-ref">↩</a></li>
<li id="fn:17">Ghosh, Debangana (17 August 2021). "Data breach at Pine Labs exposes 500,000 records". thehindubusinessline.com. <a href="https://www.thehindubusinessline.com/info-tech/data-breach-at-pine-labs-exposes-500000-records/article35962296.ece" target="_blank">https://www.thehindubusinessline.com/info-tech/data-breach-at-pine-labs-exposes-500000-records/article35962296.ece</a> <a href="#fnref:17" class="footnote-back-ref">↩</a></li>
<li id="fn:18">"Fintech startup Pine Labs to seek $500 million in US IPO". The Economic Times. 10 January 2022. <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/fintech-startup-pine-labs-to-seek-500-million-in-us-ipo/articleshow/88805186.cms" target="_blank">https://economictimes.indiatimes.com/markets/ipos/fpos/fintech-startup-pine-labs-to-seek-500-million-in-us-ipo/articleshow/88805186.cms</a> <a href="#fnref:18" class="footnote-back-ref">↩</a></li>
<li id="fn:19">Singh, Charu (19 August 2024). "Pine Labs Gets NCLT Green Light For Merger Of Its Indian And Singaporean Entities". NDTV Profit. Retrieved 19 August 2024. <a href="https://www.ndtvprofit.com/business/pine-labs-gets-nclt-green-light-for-merger-of-its-indian-and-singaporean-entities" target="_blank">https://www.ndtvprofit.com/business/pine-labs-gets-nclt-green-light-for-merger-of-its-indian-and-singaporean-entities</a> <a href="#fnref:19" class="footnote-back-ref">↩</a></li>
<li id="fn:20">Russel, John (31 May 2018). "PayPal and Singapore's Temasek invest $125M in Indian payment startup Pine Labs". TechCrunch. <a href="https://techcrunch.com/2018/05/31/paypal-temasek-pine-labs/" target="_blank">https://techcrunch.com/2018/05/31/paypal-temasek-pine-labs/</a> <a href="#fnref:20" class="footnote-back-ref">↩</a></li>
<li id="fn:21">"India's Pine Labs Racks Up $125 Million". The Wall Street Journal. 31 May 2018. <a href="https://www.wsj.com/articles/indias-pine-labs-racks-up-125-million-1527774004" target="_blank">https://www.wsj.com/articles/indias-pine-labs-racks-up-125-million-1527774004</a> <a href="#fnref:21" class="footnote-back-ref">↩</a></li>
<li id="fn:22">Bhakta, Pratik (13 March 2018). "Actis, Altimeter put $82 million in Pine Labs to grow roots". The Economic Times. <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/actis-altimeter-put-82-million-in-pine-labs-to-grow-roots/articleshow/63278387.cms" target="_blank">https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/actis-altimeter-put-82-million-in-pine-labs-to-grow-roots/articleshow/63278387.cms</a> <a href="#fnref:22" class="footnote-back-ref">↩</a></li>
<li id="fn:23">Alexander, George Smith (13 March 2015). "Sequoia's Pine Labs Said to Seek Funding at $1 Billion Valuation". Bloomberg News. <a href="https://www.bloomberg.com/news/articles/2015-03-13/sequoia-s-pine-labs-said-to-seek-funding-at-1-billion-valuation" target="_blank">https://www.bloomberg.com/news/articles/2015-03-13/sequoia-s-pine-labs-said-to-seek-funding-at-1-billion-valuation</a> <a href="#fnref:23" class="footnote-back-ref">↩</a></li>
<li id="fn:24">"Striking gold: A look at India's growing club of Unicorns". The Economic Times. 29 June 2018. <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/in-the-land-of-unicorns/articleshow/64787658.cms" target="_blank">https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/in-the-land-of-unicorns/articleshow/64787658.cms</a> <a href="#fnref:24" class="footnote-back-ref">↩</a></li>
<li id="fn:25">Russel, John (31 May 2018). "PayPal and Singapore's Temasek invest $125M in Indian payment startup Pine Labs". TechCrunch. <a href="https://techcrunch.com/2018/05/31/paypal-temasek-pine-labs/" target="_blank">https://techcrunch.com/2018/05/31/paypal-temasek-pine-labs/</a> <a href="#fnref:25" class="footnote-back-ref">↩</a></li>
<li id="fn:26">"Here are the top 10 highest-funded startups in India". CNBC TV18. 29 May 2019. <a href="https://www.cnbctv18.com/photos/startup/oyo-byjus-among-the-top-funded-startups-in-india-3503811-2.htm" target="_blank">https://www.cnbctv18.com/photos/startup/oyo-byjus-among-the-top-funded-startups-in-india-3503811-2.htm</a> <a href="#fnref:26" class="footnote-back-ref">↩</a></li>
<li id="fn:27">"Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 27 February 2020. <a href="https://www.techinasia.com/mastercard-invests-pine-labs" target="_blank">https://www.techinasia.com/mastercard-invests-pine-labs</a> <a href="#fnref:27" class="footnote-back-ref">↩</a></li>
<li id="fn:28">Manikandan, Ashwin. "Pine Labs gets funding at $3.5-billion valuation ahead of US IPO". The Economic Times. Retrieved 16 September 2021. <a href="https://economictimes.indiatimes.com/tech/funding/fidelity-blackrock-lead-pine-labs-600-million-funding-ahead-of-ipo/articleshow/84161757.cms" target="_blank">https://economictimes.indiatimes.com/tech/funding/fidelity-blackrock-lead-pine-labs-600-million-funding-ahead-of-ipo/articleshow/84161757.cms</a> <a href="#fnref:28" class="footnote-back-ref">↩</a></li>
<li id="fn:29">"Pine Labs brings digital payment innovations to the MENA Region". Dubai: Saudi Gazette. 18 March 2018. <a href="http://saudigazette.com.sa/article/530742/BUSINESS/Pine-Labs-brings-digital-payment-innovations-to-the-MENA-Region" target="_blank">http://saudigazette.com.sa/article/530742/BUSINESS/Pine-Labs-brings-digital-payment-innovations-to-the-MENA-Region</a> <a href="#fnref:29" class="footnote-back-ref">↩</a></li>
<li id="fn:30">"Pine Labs revenues grow 55% to ₹302 crore, while slipping into loss, in FY18". Theindianwire.com. 31 October 2018. <a href="https://www.theindianwire.com/startups/pine-labs-revenues-%E2%82%B9302-crore-fy18-80009/" target="_blank">https://www.theindianwire.com/startups/pine-labs-revenues-%E2%82%B9302-crore-fy18-80009/</a> <a href="#fnref:30" class="footnote-back-ref">↩</a></li>
<li id="fn:31">Shaikh, Shadma (19 November 2015). "Use reward points, don't lose them". Asian Age. <a href="https://www.asianage.com/technomics/use-reward-points-don-t-lose-them-120" target="_blank">https://www.asianage.com/technomics/use-reward-points-don-t-lose-them-120</a> <a href="#fnref:31" class="footnote-back-ref">↩</a></li>
<li id="fn:32">Gupta, Soumya (7 February 2017). "'Soon To Be Unicorns' : India's Top 40+". BusinessWorld. <a href="http://bwdisrupt.businessworld.in/article/-Soon-To-Be-Unicorns-India-s-Top-40-/07-02-2017-112555/" target="_blank">http://bwdisrupt.businessworld.in/article/-Soon-To-Be-Unicorns-India-s-Top-40-/07-02-2017-112555/</a> <a href="#fnref:32" class="footnote-back-ref">↩</a></li>
</ol>

Pine Labs open-in-new

Pine Labs