Pine Labs

What Pine Labs does

Pine Labs Limited is a publicly listed Indian merchant commerce platform (BSE/NSE, IPO November 2025) headquartered in Noida, India, that operates a full-stack, cloud-native infrastructure spanning in-store POS, online payment gateway, prepaid/gift card issuing and processing, fintech infrastructure (Bharat Bill Payment System, Account Aggregator, eKYC, eSign), and credit processing (card issuance, acquiring, UPI issuer/acquirer switches). The platform integrates 27+ acquiring banks via smart routing, supports 40M+ issued cards for 30+ issuers and acquirers, and processes over 20 million daily transactions including UPI, card, EMI, contactless, and dynamic currency conversion flows across approximately 20-22 countries. Pine Labs is the largest non-bank Prepaid Payment Instrument holder in India, issuing 650M+ instruments annually for 650+ brands and 1,000+ corporates, and holds RBI-audited, NPCI-certified, PCI-DSS, PCI P2PE, PA-DSS, and ISO certifications that create significant regulatory barriers to entry.

The company monetises through a hybrid model combining transaction-based processing fees across payment rails, recurring monthly POS terminal subscriptions (₹75-₹450/month per device), prepaid program management fees, fintech infrastructure usage-based pricing (BBPS commissions, eKYC/eSign verifications), and credit processing managed services. Distribution combines direct enterprise sales, bank channel partnerships (Karnataka Bank, SBI), OEM/embedded integrations with retail apps, self-serve online signup via the Pine Labs Plural dashboard, and API/developer-led distribution with pre-built SDKs and a Model Context Protocol server. FY26 revenue reached Rs 2,711 crore (~US$319M), up 19% YoY, with adjusted EBITDA of Rs 559 crore (21% margin) and the first full year of profitability (PAT Rs 113 crore, versus a Rs 145 crore loss in FY25); gross transaction value processed was $194 billion, up 50% YoY. Notable proprietary technology includes Pine Labs Payment Protocol (P3P) — India's first agent-to-agent UPI payment protocol for autonomous AI transactions — and a co-development design partnership with OpenAI for agentic commerce solutions.

Name

Pine Labs

Legal name

Pine Labs Limited

Website

https://pinelabs.com

Company type

Public

Founded year

2018

Operating status

Ipo

Headcount range

1,001–5,000 employees

Short description

Pine Labs is a publicly listed Indian merchant commerce platform offering a unified stack of in-store POS, online payment gateway, prepaid issuing, fintech infrastructure, and credit processing across ~20 countries, serving banks, brands, corporates, fintechs, and offline merchants with FY26 revenue of ~US$319M.

Ownership category

akta.pro rank

Product category

Merchant Payment Processing

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Credit Card Issuing (522210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Services-Computer Processing & Data Preparation (7374), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Merchant Acquiring & Processing Platforms (BPAMAFAB)

akta.pro secondary industries

Processor Back-End & Switch Providers (Issuer/Acquirer Processing Infrastructure) (FSAMABAJ), Card Issuing & Program Management Platforms (BPAMAFAH), Issuer/Network-Led Installments (Card-Based Pay-Over-Time) (FSAGAIAB)

Keywords

• Merchant payment processing
• Point-of-sale terminals
• Online payment gateway
• Prepaid card issuing
• Fintech infrastructure APIs

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Payment Processing & Distribution Fees: Pine Labs' primary revenue stream comes from processing and distribution fees charged on payment transactions routed through its POS terminals and online payment gateway, including UPI, card, EMI and affordability transactions. Revenue is transaction-volume driven (variable/usage-based) across in-store, online and cross-border rails.
2. POS Terminal Subscriptions: Recurring monthly subscription revenue from POS terminal rentals/managed services: Mini & Mini Pro starting at ₹75/month, Go at ₹200/month, Touch at ₹350/month, Duo at ₹450/month, generating predictable monthly recurring revenue per device.
3. Prepaid/Gift Card Issuing & Processing Fees: Revenue from issuing, processing and distributing prepaid instruments (gift cards, brand wallets, refunds, network prepaid cards, transit cards, reloadable cards, forex cards). Over 650M+ prepaid instruments issued annually for 650+ brands, generating fees per issuance, transaction and program management.
4. Fintech Infrastructure & BBPS Commissions: Revenue from BBPS bill collection commissions, account aggregator gateway transactions, eKYC/eSign/eStamp verifications, lending/underwriting APIs, and embedded bill payment monetization. Earns on every completed BBPS transaction with float-based revenue opportunity and real-time settlement.
5. Credit Processing & Card Issuing SaaS: Software/managed services revenue from card management system, card switch, UPI issuer switch, payment facilitator, clearing and settlement platform, co-branded credit card programs, and merchant management for banks, fintechs, acquirers and brands. 40M+ cards issued for 30+ issuers and acquirers across 20+ markets.
6. Cross-Border Payments & DCC: Revenue from cross-border payment gateway transactions, dynamic currency conversion (DCC), multi-currency wallets, and foreign exchange margins on international transactions across 16+ countries.
7. Distribution-as-a-Service (DaaS) & Engagement Programs: Revenue from white-labelled gift card marketplaces, channel partner incentive programs, employee rewards & recognition, sales/influencer incentive platforms, customer referral programs, cafeteria digitisation, and bulk issuance distribution services.

Pricing tiers

Go-to-market motion5 records

Distribution channels8 records

Marketing channels8 records

Core offering

Pine Labs operates a unified merchant commerce platform spanning in-store POS terminals, online payment gateway, prepaid/gift card issuing and processing, fintech infrastructure (BharatConnect/BBPS, Account Aggregator, eKYC, eSign), and credit processing (card management, switching, UPI issuer/acquirer switches). The platform integrates 27+ acquiring banks via smart routing, powers 40M+ cards for 30+ issuers/acquirers, issues 650M+ prepaid instruments annually for 650+ brands, and processes over 20 million daily transactions across 16+ countries with $194 billion in annual GTV (FY26).

Differentiator

Problem solved

Functional benefit

Brands

• Plural (Pine Labs Online): Online payments platform including payment gateway, payouts, payment links, cross-border payments, tokeniser, payment forms and fee collect
• Pine Labs One
• GrowthHub
• Genie
• Setu
• P3P (Pine Labs Payment Protocol)

Products and services

• Online Payments A complete online payments suite for businesses to collect payments, make payouts, onboard customers, and offer affordability solutions through a single dashboard and easy-to-integrate APIs. Includes payment gateway, payouts, payment links, cross-border payments, tokeniser, payment forms, subscriptions, Shopify integration, fee collect, UPIverse, and affordability suite with EMIs from 30+ credit partners.
• In-store Payments (POS Terminals) Retail point-of-sale terminal product line offering seamless in-store payments for businesses with multiple payment modes including contactless, cards, UPI, mobile wallets, EMI, Dynamic Currency Conversion, GrowthHub engagement suite, Pine Labs One app, and POS hardware variants (Touch, Go, Duo, Hub, Mini/Mini Pro, VoicePod).
• Prepaid Solutions Full-stack prepaid platform for issuing, processing and distribution of gift cards, brand wallets, refunds, reloadable cards, transit cards, forex cards, and engagement programs. White-labelled, modular platform with dynamic rules engines, JIT funding, NFC payments, virtual cards, multi-currency wallets, gamification, and PCI-DSS/ISO-certified infrastructure supporting 650M+ instruments annually for 650+ brands and 1000+ corporates across 16+ countries.
• Credit Processing (Credit+) Unified platform for card issuance, processing, acquiring and credit management with AI-driven personalisation. Includes Card Management System, Card Switch, Acquirer Card Switch, NPCI-certified UPI Issuer Switch, UPI Setu Acquirer Switch, Merchant Management, Payment Facilitator, Clearing and Settlement, Co-branded Credit Card, Credit Line on UPI, and Bharat Connect Switch. Powers 40M+ cards issued for 30+ issuers and acquirers across 20+ markets.
• Fintech Infrastructure (Setu) Plug-and-play fintech infrastructure built on India's digital rails, providing BharatConnect (BBPS) bill payments, Identity as a Service (eKYC, eSign, eStamp), UPI Collections, multi-AA Account Aggregator Gateway with 100% Financial Information Provider coverage, Underwriting and Collections with ML-trained income/expense intelligence, and UPI Autopay. RBI-compliant data access and workflows for fintechs, banks and digital platforms.
• Shopflo (D2C Checkout Platform) D2C e-commerce checkout optimization platform serving over 1,000 online brands and 60 million consumers with conversion optimization tools for direct-to-consumer merchants. Wholly-owned subsidiary effective June 10, 2026.
• Fave (BNPL Southeast Asia) BNPL and merchant commerce platform operating across Singapore, Malaysia and Indonesia, supporting merchant loyalty and consumer fintech services in Southeast Asia. Wholly-owned subsidiary.
• Pine Labs Payment Protocol (P3P) India's first agent-to-agent UPI payment protocol that enables AI agents to execute autonomous UPI transactions within user-defined pre-approved mandates. Built on UPI's mandate framework with Grantex's delegated authorization and HTTP 402 web standard, allowing users to authorize spending limits upfront and revoke mandates at any time. Co-built with OpenAI as design partner.

Quantifiable outcome

• $194 billion GTV (+50% YoY) processed in FY26
• +11 more outcomes

Named customers11 records

Segments8 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration18 records

AI capability12 records

Feature8 records

Partnerships

16 partnerships are on record, tiered minor, core and flagship.

• MSI (Micro-Star International)minorGTM or Marketing Partner · 18 June 2026Partnership for MSI's June Promotion 2026 / Back to School campaigns in India, where Pine Labs (alongside Bajaj Finserv) provides flexible EMI financing options on premium laptops (Modern Series, Katana, Cyborg, Thin Series) across Croma, Vijay Sales, Flipkart, and MSI Physical Authorized Resellers. EMI plans extend up to 24 months.
• GrantexcoreTechnology or Integration · 11 June 2026Technology partnership providing security infrastructure for Pine Labs Payment Protocol (P3P). Grantex delivers identity verification, delegated authorization capabilities, spending controls, and audit trails to ensure consumer oversight of AI agent transactions on P3P.
• OpenAIflagshipStrategic or Co-development Partner · 26 May 2026Design partnership with OpenAI to co-build the next generation of agentic commerce solutions. Pine Labs has partnered with OpenAI for agentic commerce solutions with 89% of code changes contributed by AI agents. Plans to launch AI-powered products during Mumbai Tech Week. Stablecoin-backed prepaid card infrastructure also being developed.
• SM Retail Inc. (Philippines)flagshipChannel Partner/ Reseller/ Distributor · 14 May 2026Pine Labs already operates a locally incorporated entity in the Philippines and currently powers one of the country's largest gift card programmes for SM Retail Inc., the Philippines' largest retail chain. Expanded via GCash partnership to power merchant acquisition for MSMEs.
• GCash for BusinessflagshipChannel Partner/ Reseller/ Distributor · 12 May 2026Strategic partnership announced May 12, 2026 to enter the Philippines market. Pine Labs serves as the payments technology partner for merchant acquisition, integrating instalment payment plans, rewards, loyalty and cashback features into GCash's merchant acquiring solution. Enables Filipino MSMEs to accept card and QR payments through Pine Labs' POS technology. Pine Labs already operates a locally incorporated entity in the Philippines and powers one of the country's largest gift card programmes for SM Retail Inc.
• Shopflo TechnologiescoreStrategic or Co-development Partner · 25 April 2026Pine Labs acquired 100% stake in Shopflo Technologies for Rs 88 crore (~$9.3 million) in an all-cash deal (board-approved April 25, 2026, closed June 10, 2026). Shopflo serves 1,000+ e-commerce brands, reaches 60 million consumers, and reported revenue of Rs 14.7 crore in FY25 (up from Rs 9.1 crore in FY24). Acquisition positions Pine Labs for end-to-end platform spanning in-store payments, online checkout, conversion optimization, and D2C growth tools — funded entirely through internal accruals. Shopflo backed by Tiger Global, TQ Ventures, Better Capital (who received full exit).
• Karnataka BankcoreChannel Partner/ Reseller/ Distributor · 24 April 2026Strategic partnership for Karnataka Bank to provide point-of-sale (PoS) services across its network. Pine Labs supplies next-generation PoS terminals and merchant services to enable seamless electronic payments for retail and MSME customers. Combines Karnataka Bank's branch network and customer relationships with Pine Labs' technology to support the Bank's 'Digital Bank of the Future' vision.
• Bajaj FinservcoreChannel Partner/ Reseller/ Distributor · 17 April 2026Bajaj Finserv (alongside PineLabs) offers flexible EMI financing — no-cost and low-cost EMIs up to 18 months — on MSI laptop promotions across multiple Indian retail channels (Croma, Vijay Sales, Flipkart, offline stores). Pine Labs also extends EMIs up to 24 months on consumer durable purchases through its affordability suite.
• AnthropiccoreTechnology or Integration · 17 April 2026Pine Labs (along with One97 Communications/Paytm and Razorpay) requested early access to Anthropic's Mythos AI model — which can detect cybersecurity vulnerabilities — to test their own systems for vulnerabilities amid global cybersecurity concerns. India has become Anthropic's second-largest market for Claude.
• MosambeecoreStrategic or Co-development Partner · 13 April 2022Pine Labs made a majority investment in Mosambee, a POS/payments company. The acquisition supports Pine Labs' merchant acquiring strategy and expansion of its in-store payments portfolio in India.
• Qfix InfocommcoreStrategic or Co-development Partner · 8 February 2022Pine Labs acquired Mumbai-based online payments startup Qfix Infocomm for an undisclosed amount (third acquisition after Fave and QwikCilver Solutions) to strengthen its online payment gateway segment and offer business software tools to new-age D2C brands. Strategic move to expand presence in India's digital payments market and prepare for US IPO.
• QwikCilver SolutionscoreStrategic or Co-development Partner · 8 February 2022Earlier acquisition of QwikCilver Solutions (gift card/prepaid platform), part of Pine Labs' expansion into prepaid instruments — now underpins Pine Labs' prepaid platform issuing 650M+ instruments annually for 650+ brands.
• FavecoreStrategic or Co-development Partner · 31 December 2021Pine Labs acquired Fave in 2021, a consumer fintech operating across Singapore, Malaysia, and Indonesia. Fave supports Pine Labs' BNPL and merchant loyalty expansion in Southeast Asia with plans to extend into India.
• MastercardflagshipStrategic or Co-development Partner · 17 May 2021Mastercard partnership for launching a new BNPL (Buy Now Pay Later) programme with DBS Bank as Pine Labs expanded its BNPL services in Southeast Asia. Direct card network integration for Pine Labs' Credit Processing platform supporting card issuance, acquiring, and switching across 40M+ cards for 30+ issuers and acquirers.
• DBS BankflagshipStrategic or Co-development Partner · 17 May 2021Partnership with DBS Bank to launch a new BNPL programme with Mastercard as Pine Labs expanded its BNPL services in Southeast Asia (Singapore, Malaysia, Indonesia with plans for India).
• GrowthHub Merchants NetworkflagshipOEM/ Whitelabel/ Licensing PartnerGrowthHub is Pine Labs' data-driven customer acquisition and engagement toolkit that taps into Pine Labs' network of premium users for targeted promotional campaigns — providing access to network of premium users, gamified campaigns (scratch cards, spin-the-wheel, sweepstakes), and automated offer redemptions across brands.

Scale indicators16 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• Visa: Global card network that Pine Labs integrates with directly for issuance, processing and acquiring. A broad incumbent whose rails and brand are leveraged by Pine Labs; comparable as a benchmark for card-issuing economics and global payment scale.
• Block (Square): Global merchant commerce platform combining POS hardware, payment processing, software and lending. Comparable to Pine Labs' in-store POS + payments + affordability offerings, particularly the SMB-focused Mini/Mini Pro and Go terminal lines.
• Mastercard: Global card network and BNPL enabler (partnered with Pine Labs and DBS for Southeast Asia BNPL). A broad incumbent offering card issuance, processing and acceptance infrastructure at global scale.
• Adyen: Global unified payments platform serving enterprise merchants with acquiring, processing, issuing and cross-border capabilities. Comparable to Pine Labs' full-stack issuing + acquiring + cross-border proposition at global enterprise scale.
• Fiserv: Global payments and financial technology incumbent offering merchant acquiring, processing, card issuing and bank infrastructure. Comparable to Pine Labs' credit processing (issuer/acquirer/switch) and bank-channel infrastructure businesses.

Direct peers

• Paytm (One97 Communications): India's largest listed full-stack payments and financial services platform spanning QR payments, POS, payment gateway, wallets, lending and merchant services. Directly comparable to Pine Labs as the other publicly listed Indian payments major that also achieved FY26 profitability.
• Stripe: Global online payment gateway serving internet-first businesses with developer-first APIs, payment processing, subscriptions and cross-border payments. Directly comparable to Pine Labs' online payments and developer-first infrastructure business.
• Mobikwik: Indian listed mobile wallet and payment platform serving consumers and merchants with payment gateway, BNPL and digital credit products. Directly comparable as a publicly listed Indian payments competitor that also achieved FY26 profitability.
• Razorpay: India's leading online payment gateway and merchant acquiring platform, offering payment gateway, POS, payouts and developer APIs. Directly competes with Pine Labs across online payments, POS and fintech infrastructure, including its own MCP server for agentic commerce.
• BillDesk (PayU India): One of India's largest online payment gateways and BBPS aggregators, serving merchants with payment processing, recurring billing and fintech infrastructure. Closely comparable to Pine Labs' online payments and BBPS business lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/PineLabs
• YouTubeyoutube.com/channel/UCFgMWH8YdL_T-mz5TejZgmg
• Facebookfacebook.com/pinelabs
• LinkedInlinkedin.com/company/pinelabs
• Instagraminstagram.com/pinelabs_official

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries5 records

Funding overview

Funding rounds15 records

Investors40 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pine Labs