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Industry | Fintech |
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Founded | 1998 |
Founder | Lokvir Kapoor Rajul Garg |
Headquarters | , India |
Area served | India, Middle East, Southeast Asia |
Key people | Lokvir Kapoor (Executive chairman) B.Amrish Rau (CEO) |
Products | myPlutus app, Plutus Smart, Pine Labs Genie,[1] Plural |
Revenue | ![]() |
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Subsidiaries | Qwikcilver Solutions Pvt Ltd. |
Website | pinelabs.com |
Pine Labs is an Indian company that provides financing and retail transaction technology. Founded in 1998, it is a unicorn startup, with a valuation of over US$5 billion.[3]
The company makes Android-based point of sale (PoS) machines.[4] and has more than 70,000 retailers across India, including major retail outlets such as Spencer's Retail, Pantaloons, Shoppers Stop, and Westside.[5] It also has a presence in India, Malaysia and other parts of Asia.[6]
Some of its investors include LonePine, PayPal, Temasek, Actis Capital, Altimeter Capital, Sofina, and Sequoia Capital.
The company was founded in 1998.[7] The company evolved from petroleum retail automation to becoming a payments products and services firm for merchants. It has over 100,000 merchants in India and other Asian countries. Pine Labs has sold over 850,000 PoS terminals in India.[8]
In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.[9]
The company acquired a gifting startup Qwikcilver for $110 million in March 2019.[10][11][12]
In February 2019, the company partnered with RAKBANK to launch a payment platform in the UAE. In March 2018, Google Pay came into partnership with Pine Labs to capture the offline payments space in India.[13][14] The company partnered with UnionPay in January 2019.[15]
In April 2021, Pine Labs acquired Southeast Asian deals and cash-back platform Fave for $45 million.[16] 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.[17]
In August, 2021 the company suffered a data breach exposing the data of up to 500,000 of its users to hackers.[18]
In January 2022, Pine Labs filed confidentially for an initial public offering (IPO) with the U.S. Securities and Exchange Commission seeking to raise about $500 million later that year at a valuation of $5.5 – 7 billion.[19]
In May 2018, Pine Labs raised $125 million (₹843 crores) from Temasek Holdings and PayPal, making it one of the unicorn startup companies with a valuation of over $1 billion.[20][21]
In March 2018, the company raised $82 million (₹530 crores) from Actis Capital, a private equity fund and Altimeter Capital, a California-based investment company.[22] It had also raised funds in 2015 from Sofina and in 2009 from Sequoia Capital.[23][24] As of May 2018, It has raised a total of $208 million.[20]
In May 2019, it was listed among the top 10 highest-funded startups in India by CNBC TV18.[6] In Jan 2020, it announced it had raised an undisclosed sum from Mastercard .[25] 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.[26]
The company provides mobile devices that allow merchants to accept credit and debit card payments.[27][28][29][30]