Wallets/pine-labs
Pine Labs
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Overview
Pine Labs is India's leading merchant-commerce platform — POS solutions + payment processing + merchant financing + embedded APIs [1, 2, in-cro]. November 14, 2025 — Pine Labs listed on NSE + BSE in $440 million India IPO at ~$3.3 billion market cap (₹289 billion).
IPO details [3]:
- IPO window: November 7-12, 2025; listed November 14, 2025.
- Issue size: 176.5M equity shares at ₹221 = ₹1,753.83 crore raised from anchor investors.
- First-day performance: Opened at ₹242 (+10% from issue) → closed ₹252 (+14% from issue).
- Market cap: ₹289 billion (~$3.3 billion).
- Note: Valuation trimmed from initial pre-IPO expectations.
Pine Labs Q1 FY26 performance [1]: Revenue +22% YoY to ₹653 crore; payments division (incl. Mosambee + Setu sub-brands) leading growth.
Acquisition stack: Qwikcilver (gift cards) + Fave (Asia consumer-loyalty) + Setu (embedded financial APIs) + Mosambee (POS).
History
1998 — Pine Labs founded: One of India's longest-vintage fintechs (27 years pre-IPO).
2000s-2010s — POS dominance in IN + multi-country SEA expansion.
Acquisitions: Qwikcilver (gift cards) + Fave (Asia consumer-loyalty) + Setu (embedded financial APIs) + Mosambee (POS).
Pre-IPO baseline: 915,000+ merchants + ₹7.5+ lakh crore GTV in 9 months FY25 [1].
November 7-12, 2025 — IPO window; November 14, 2025 — listing: $440M IPO at ~$3.3B market cap.
Q1 FY26 — Revenue +22% YoY to ₹653 crore.
Ownership & operator
Operating entity: Pine Labs Limited (post-Nov 14, 2025 listing: NSE + BSE).
Major shareholders (pre-IPO): PayPal (strategic), Sequoia Capital India (Peak XV), Mastercard, Temasek, Madison India Capital.
Regulator: RBI.
Technical integration
| Layer | Description |
|---|---|
| Channels | Pine Labs POS terminals + API + online checkout |
| Identifiers | Card + UPI |
| IN rail | [[upi]] (NPCI national A2A rail) |
| Sub-brands | Mosambee (POS) + Setu (embedded financial APIs) + Qwikcilver (gift cards) + Fave (Asia consumer-loyalty) |
| Countries | IN primary + MY + SG + TH + AE + US |
| Listing | NSE + BSE (Nov 14, 2025) |
| License | RBI Payment Aggregator + POS Acquirer + embedded finance |
Users & growth
Pre-IPO baseline (9 months FY25) [1]:
- Merchants: 915,000+
- GTV (9 months FY25): ₹7.5+ lakh crore (~$90 billion)
- Q1 FY26 revenue: ₹653 crore (+22% YoY)
- IPO: $440M at ~$3.3B market cap (Nov 14, 2025)
Use cases
Indian merchant POS (Mosambee POS leader); embedded financial APIs (Setu); gift cards (Qwikcilver); Asia consumer loyalty (Fave); online checkout + payment-aggregator; multi-country SEA + MENA + US POS expansion.
Implementations & partners
Operator: Pine Labs Limited (NSE + BSE listed Nov 14, 2025).
Major pre-IPO shareholders: PayPal (strategic), Sequoia/Peak XV, Mastercard, Temasek, Madison India Capital.
Acquisitions: Qwikcilver + Fave + Setu + Mosambee.
Major Indian POS + payment-processor competitors:
- [[razorpay]] (IN B2B payment-aggregator; $180B annual TPV; 8M businesses; 2026 IPO target)
- BharatPe (NG QR + POS rival)
- Mswipe (IN POS)
- PayU India (Prosus-owned)
- Paytm Business (consumer + merchant)
- [[hala]] (Saudi SME analogous), [[yoco]] (SA SME analogous)
Regulator: RBI.
Fun facts
- 1998 founding — one of India's longest-vintage fintechs (27 years pre-IPO).
- November 14, 2025 IPO at $440M raise + ~$3.3B market cap.
- First-day +14% performance despite valuation trim from initial expectations.
- 915,000+ merchants + ₹7.5 lakh crore GTV (9 months FY25).
- Sub-brand stack: Mosambee POS + Setu embedded APIs + Qwikcilver gift cards + Fave Asia loyalty.
- PayPal strategic shareholder pre-IPO.
- Multi-country: IN + MY + SG + TH + AE + US.
- Q1 FY26 revenue +22% YoY to ₹653 crore.
Comparison
| Feature | Pine Labs | [[razorpay]] (IN B2B payment-aggregator rival) | Mswipe (IN POS) | [[adyen]] (global analogous enterprise) | [[stripe]] (global analogous) |
|---|---|---|---|---|---|
| Operator | Pine Labs Limited (NSE + BSE listed Nov 14 2025; PayPal + Peak XV + Mastercard + Temasek backed) | Razorpay Software Private Limited (Tiger Global + Sequoia + Mastercard + GIC) | Mswipe | Adyen N.V. (Euronext: ADYEN) | Stripe Inc. |
| Type | IN merchant-commerce platform: POS + payment processing + Setu embedded APIs + Qwikcilver gift cards + Fave Asia loyalty | IN B2B payment-aggregator + Razorpay X neobanking + Capital lending | IN POS | Enterprise omnichannel + bank license | Global SMB-to-enterprise developer-first |
| Country | IN + MY + SG + TH + AE + US | IN + MY + SG | IN | NL HQ + global | Global |
| Merchants | 915K+ + ₹7.5 lakh crore GTV 9M FY25 | 8M businesses + $180B annual TPV | Major IN | Enterprise (Uber + Spotify + eBay + Microsoft) | Millions globally |
| Listing status | NSE + BSE listed Nov 14 2025; ~$3.3B market cap | Confidential IPO filing late 2025; target $5-6B end-2026 | Private | Euronext-listed | Private (most valuable private fintech) |
| Distinctive | 1998 vintage; Nov 14 2025 IPO; PayPal strategic shareholder; Qwikcilver + Fave + Setu + Mosambee sub-brand stack | Mastercard investor; reverse-flip US→IN Apr 2025 | Direct POS rival | Bank license; enterprise omnichannel | Developer-first |
Status
Active, India's leading merchant-commerce platform (post-Nov 14 2025 IPO) [1, 3]:
- Pine Labs Limited (NSE + BSE) since 1998 (27 years pre-IPO).
- Nov 14, 2025 IPO at $440M raise + ~$3.3B market cap.
- 915K+ merchants + ₹7.5 lakh crore GTV 9M FY25.
- Q1 FY26 revenue +22% YoY (₹653 crore).
- Sub-brand stack: Mosambee + Setu + Qwikcilver + Fave.
- RBI-regulated.
Sources
- 1 Pine Labs IPO details — Chittorgarh
- 2 Pine Labs IPO — 5paisa
- 3 Pine Labs $440M IPO warm welcome — TechCrunch
- 4 Pine Labs IPO review — INDmoney
- in-cro In-corpus:
reports/countries/IN-india.md
Source
Biography extracted from pine-labs.md. See matrix.md for standards-support matrix if present.