Article · Wikipedia archive · Last revised Jul 4, 2026

Pine Labs

Pine Labs is an Indian multinational company that provides point of sale (POS) systems and payment systems. Founded in 1998, it facilitates digital payments through Android-based POS machines that are primarily used by retailers in India, UAE, and Malaysia.

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Jul 4, 2026
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Pine Labs Limited
TypePublic
NSE: PINELABS
BSE: 544606
IndustryFintech
Founded1998 (1998)
FoundersLokvir Kapoor
Rajul Garg
Headquarters
Noida, Uttar Pradesh, India (corporate office)
Gurgaon, Haryana, India (registered office)
Area served
India, Middle East, Southeast Asia
Key people
Lokvir Kapoor (Executive chairman)
B. Amrish Rau (CEO)
ProductsmyPlutus app, Plutus Smart, Pine Labs Genie,1 Plural
RevenueIncrease ₹2,274 crore (US$240 million) (FY25)2
Positive decrease ₹−145 crore (US$−15 million) (FY25)2
SubsidiariesQwikcilver Solutions Pvt Ltd.
Websitepinelabs.com

Pine Labs is an Indian multinational company that provides point of sale (POS) systems and payment systems. Founded in 1998, it facilitates digital payments through Android-based POS machines that are primarily used by retailers in India, UAE, and Malaysia.345

History

The company was founded in 1998.6 The company initially provided petroleum retail automation services, before becoming a payments products and services firm for merchants, selling POS terminals.7 In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.8

The company acquired gifting startup Qwikcilver for $110 million in March 2019.9101112

In February 2019, the company partnered with RAKBANK to launch a payment platform in the UAE. In March 2018, Google Pay and Pine Labs partnered for offline payments offerings in India.1314 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, continued working in the company.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.19

On 21 May 2024, Pine Labs received approval from Singapore Court to dissolve its Singapore branch.20 In August 2024, it obtained approval from the National Company Law Tribunal for its planned merger of its Indian and Singaporean entities.21

In February 2026, a partnership was announced between OpenAI and Pine Labs.22

Funding

Pine Labs raised funds in 2009 from Sequoia Capital and in 2015 from Sofina.2324

In March 2018, the company raised $82 million (₹530 crore) from Actis Capital, a private equity fund, and Altimeter Capital, a California-based investment company.25 In May 2018, Pine Labs raised $125 million (₹843 crore) from Temasek Holdings and PayPal, making it a unicorn startup company valued over $1 billion.2627

In January 2020, it raised an undisclosed sum from Mastercard.28 In December 2020, it raised US$75-$100 million led by US-based billionaire Stephen Mandel's hedge fund Lone Pine Capital at a valuation of more than US$2 billion. In July 2021, it raised $325 million at a valuation of $3.5 billion from Fidelity and BlackRock.29

In 2022, the company raised $150 million from Alpha Wave at a valuation of US$5 billion.30

Products and services

The company provides POS devices that allow merchants to accept credit and debit card payments.31323334

See also

See also

References

References

  1. Pine Labs Genie
  2. "Pine Labs cuts valuation by 40% to $2.9 bn for IPO, swings to profits". The Arc. Retrieved 12 November 2025.
  3. "Here are the top 10 highest-funded startups in India". CNBC TV18. 29 May 2019. Retrieved 3 June 2026.
  4. Gooptu, Biswarup; Bhakta, Pratik (28 August 2017). "Season may be right for Sequoia to exit Pine Labs". The Economic Times. Retrieved 3 June 2026.
  5. "Pine Labs plans to deploy 1.5 lakh Android POS devices by next fiscal". mint. 23 February 2020. Retrieved 3 June 2026.
  6. "Indian fintech firm Pine Labs confidentially files for U.S. IPO". The Hindu. 10 January 2022. ISSN 0971-751X. Retrieved 4 July 2022.
  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. Retrieved 3 June 2026.
  8. Tyagi, Gaurav (30 July 2019). "Pine Labs secures Rs 707 Cr from Singapore-based parent company". Entrackr. Retrieved 4 July 2022.
  9. Bhakta, Pratik (20 March 2019). "Pine Labs acquires gifting startup Qwikcilver". The Economic Times. Retrieved 3 June 2026.
  10. "Why Pine Labs is acquiring Qwikcilver". The Economic Times. 26 February 2019. Retrieved 3 June 2026.
  11. Tondo, Lorenzo (3 June 2026). "hi88". Retrieved 3 June 2026.
  12. Arakali, Harichandan (19 March 2019). "Singapore's Pine Labs acquires gift card tech company Qwikcilver in $110 million deal". Forbes India. Retrieved 3 June 2026.
  13. Soni, Yatti (28 March 2018). "Google Pay Partners With Pine Labs To Capture Offline Payments Space In India". Inc42.com. Retrieved 3 June 2026.
  14. "Google Pay looks beyond UPI, card payments in the works". The Economic Times. 10 May 2019. Retrieved 3 June 2026.
  15. "UnionPay acceptance coverage in India continues to increase". Unionpayintl. 10 January 2019. Retrieved 3 June 2026.
  16. "Pine Labs has just bought Fave for $45 million". Entrepreneurship News, Community, and Resources | BEAMSTART. Retrieved 13 April 2021.
  17. Singh, Manish (13 April 2021). "Pine Labs acquires Southeast Asian startup Fave for $45 million". TechCrunch. Retrieved 3 June 2026.
  18. Ghosh, Debangana (17 August 2021). "Data breach at Pine Labs exposes 500,000 records". BusinessLine. Retrieved 3 June 2026.
  19. "Fintech startup Pine Labs to seek $500 million in US IPO". The Economic Times. 10 January 2022. ISSN 0013-0389. Retrieved 3 June 2026.
  20. "Pine Labs receives Singapore Court nod to shift base to India". BusinessLine. 20 May 2024. Retrieved 3 June 2026.
  21. 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.
  22. Singh, Jagmeet (19 February 2026). "OpenAI deepens India push with Pine Labs fintech partnership". TechCrunch. Retrieved 19 February 2026.
  23. Alexander, George Smith (13 March 2015). "Sequoia's Pine Labs Said to Seek Funding at $1 Billion Valuation". Bloomberg News. Retrieved 3 June 2026.
  24. "Striking gold: A look at India's growing club of Unicorns". The Economic Times. 29 June 2018. ISSN 0013-0389. Retrieved 3 June 2026.
  25. Bhakta, Pratik (13 March 2018). "Actis, Altimeter put $82 million in Pine Labs to grow roots". The Economic Times. ISSN 0013-0389. Retrieved 3 June 2026.
  26. Russell, Jon (31 May 2018). "PayPal and Singapore's Temasek invest $125M in Indian payment startup Pine Labs". TechCrunch. Retrieved 3 June 2026.
  27. "India's Pine Labs Racks Up $125 Million". Wall Street Journal. 31 May 2018. ISSN 0099-9660. Retrieved 3 June 2026.
  28. "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 27 February 2020.
  29. Manikandan, Ashwin (6 July 2021). "Pine Labs gets funding at $3.5-billion valuation ahead of US IPO". The Economic Times. ISSN 0013-0389. Retrieved 3 June 2026.
  30. Upadhyay, Harsh (18 February 2022). "Pine Labs raises $150 Mn from Alpha Wave at $5 Bn valuation". entrackr.com. Retrieved 3 June 2026.
  31. "Pine Labs brings digital payment innovations to the MENA Region". Dubai: Saudi Gazette. 18 March 2018. Retrieved 3 June 2026.
  32. "Pine Labs revenues grow 55% to ₹302 crore, while slipping into loss, in FY18". Theindianwire.com. 31 October 2018. Retrieved 3 June 2026.
  33. Shaikh, Shadma (19 November 2015). "Use reward points, don't lose them". Asian Age. Retrieved 3 June 2026.
  34. Gupta, Soumya (7 February 2017). "'Soon To Be Unicorns' : India's Top 40+". BusinessWorld. Retrieved 3 June 2026.