MUMBAI: Fintech company Pine Labs, backed by Peak XV, is targeting a listing by the second week of November. The company’s $700 million initial public offering (IPO) is expected to open in the first week of November, according to three people familiar with the plans.
“The company is likely to go public between November 10-15. The bankers are preparing accordingly,” one of the persons cited above said.
Pine Labs is seeking a valuation of around $6 billion in the IPO and counts Temasek, Peak XV, Sofina, and Alpha Wave among its investors. The company was last valued at about $5 billion in early 2022.
Other marquee new-age companies eyeing the public market in this window include Groww and Lenskart, Bloomberg reported on Monday.
“The road shows are done. The company will likely target launching the IPO post Diwali,” said another person cited earlier. The company received approval from the Securities and Exchange Board of India (Sebi) last month. Following regulatory approval, companies must file an updated red herring prospectus before opening their issue.
The company reported revenue of ₹1,344 crore in FY24, up from ₹933 crore in FY22. It turned profitable in the first nine months of FY25, posting a net profit of ₹26 crore, a sharp turnaround from a ₹151.6 crore loss in the same period a year earlier. Expenses, however, continued to rise—from ₹1,402 crore in FY23 to ₹1,622 crore in FY24—reflecting heavy investment in product and market expansion.
Pine Labs growth path
Founded in 1998 by Lokvir Kapoor, Tarun Upadhyay, and Rajul Garg, Pine Labs began as a card-based payment and loyalty solutions provider focused on the retail petroleum sector. By the mid-2000s, it pivoted to point-of-sale (PoS) technology and has since evolved into a full-stack fintech company, a transformation largely driven by acquisitions.
It entered the gift card segment with the 2019 acquisition of Qwikcilver and expanded its reach among small and medium merchants through the 2022 purchase of Mosambee. Its acquisition of Fave in 2020–21 marked its entry into consumer-facing UPI payments and Southeast Asian markets. Pine Labs has since extended its gift card business to the US and Australia and moved into online payments to compete with players such as Razorpay and Paytm.
To date, Pine Labs has raised over $1 billion from marquee investors including Peak XV Partners, Temasek, PayPal, Mastercard, and Fidelity. Its largest round came in 2021 when Fidelity led a $315 million investment.
Proceeds from the IPO will be used to strengthen payments infrastructure, credit offerings, and product development. Pine Labs plans to focus on mid-market and UPI-first merchants, expand further across Southeast and West Asia, and continue acquisitions. The company also aims to deepen credit-at-checkout solutions and digitize bank-led merchant onboarding.
India’s IPO market has been buoyant this year, with listings from companies such as JSW Cement, Tata Capital, Ather Energy, and LG India. According to the latest Bernstein report, Indian IPOs have raised $14 billion in 2025, ranking fourth globally behind the US ($53 billion), Hong Kong ($23 billion), and China ($16 billion).
