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'''Pine Labs''' is an Indian company that provides [[point of sales]] systems and payment systems, founded in 1998. The company has a valuation of over US$5 billion.<ref>{{cite news |last1=Upadhaya |first1=Harsh |date=18 February 2022 |title=Pine Labs raises $150 Mn from Alpha Wave at $5 Bn valuation |publisher=entrackr.com |url=https://entrackr.com/2022/02/pine-labs-raises-150-mn-from-alpha-wave-at-5-bn-valuation/}}</ref>
'''Pine Labs''' is an Indian company that provides [[point of sales]] systems and payment systems, founded in 1998. The company has a valuation of over US$5 billion.<ref>{{cite news |last1=Upadhaya |first1=Harsh |date=18 February 2022 |title=Pine Labs raises $150 Mn from Alpha Wave at $5 Bn valuation |publisher=entrackr.com |url=https://entrackr.com/2022/02/pine-labs-raises-150-mn-from-alpha-wave-at-5-bn-valuation/}}</ref>


The company makes Android-based [[point of sale]] (PoS) machines.<ref>https://www.livemint.com/companies/news/pine-labs-plans-to-deploy-1-5-lakh-android-pos-devices-by-next-fiscal-11582462971021.html</ref> and has more than 70,000 retailers across India, including well-known retail outlets such as [[Spencer's Retail]], [[Pantaloon Retail India|Pantaloons]], [[Shoppers Stop]], and [[Trent (Westside)|Westside]].<ref>{{cite news |last1=Gooptu |first1=Biswarup |last2=Bhakta |first2=Pratik |title=Season may be right for Sequoia to exit Pine Labs |url=https://economictimes.indiatimes.com/small-biz/startups/season-may-be-right-for-sequoia-to-exit-pine-labs/articleshow/60251923.cms |publisher=[[The Economic Times]] |date=28 August 2017}}</ref> It also has a presence in other countries, primarily in Asia, such as [[India]], [[UAE]], [[Singapore]] and [[Malaysia]].<ref name=cnbctv18/> On 21st May, 2024 Pine Labs got approval from Singapore Court to dissolve it's Singapore branch.<ref>https://timesofindia.indiatimes.com/city/mumbai/pine-labs-gets-singapore-court-approval-to-shift-base-to-india/articleshow/110283680.cms</ref>
The company makes Android-based [[point of sale]] (PoS) machines<ref>https://www.livemint.com/companies/news/pine-labs-plans-to-deploy-1-5-lakh-android-pos-devices-by-next-fiscal-11582462971021.html</ref> and has more than 70,000 retailers across India, including retail outlets such as [[Spencer's Retail]], [[Pantaloon Retail India|Pantaloons]], [[Shoppers Stop]], and [[Trent (Westside)|Westside]].<ref>{{cite news |last1=Gooptu |first1=Biswarup |last2=Bhakta |first2=Pratik |title=Season may be right for Sequoia to exit Pine Labs |url=https://economictimes.indiatimes.com/small-biz/startups/season-may-be-right-for-sequoia-to-exit-pine-labs/articleshow/60251923.cms |publisher=[[The Economic Times]] |date=28 August 2017}}</ref> It also has a presence in other countries, primarily in Asia, such as [[India]], [[UAE]], [[Singapore]] and [[Malaysia]].<ref name=cnbctv18/> On 21 May 2024 Pine Labs got approval from Singapore Court to dissolve its Singapore branch.<ref>https://www.thehindubusinessline.com/money-and-banking/pine-labs-receives-singapore-court-nod-to-shift-base-to-india/article68196746.ece</ref>


Some of its notable investors include LonePine, [[PayPal]], [[Temasek Holdings]], [[Actis Capital]], [[Altimeter Capital]], [[Sofina]], and [[Sequoia Capital]].
Some of its notable investors include LonePine, [[PayPal]], [[Temasek Holdings]], [[Actis Capital]], [[Altimeter Capital]], [[Sofina]], and [[Sequoia Capital]].
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In February 2019, the company partnered with [[RAKBANK]] to launch a payment platform in the UAE. In March 2018, [[Google Pay (mobile app)|Google Pay]] entered into partnership with Pine Labs to capture the offline payments space in India.<ref>{{cite news |last1=Soni |first1=Yatti |title=Google Pay Partners With Pine Labs To Capture Offline Payments Space In India |url=https://inc42.com/buzz/google-pay-partners-with-pine-labs-to-capture-offline-payments-space-in-india/ |publisher=Inc42.com |date=28 March 2018}}</ref><ref>{{cite news |title=Google Pay looks beyond UPI, card payments in the works |url=https://tech.economictimes.indiatimes.com/news/internet/google-pay-to-allow-users-to-pay-via-debit-and-credit-cards/69258604 |publisher=[[The Economic Times]] |date=10 May 2019}}</ref> The company partnered with [[UnionPay]] in January 2019.<ref>{{cite news |title=UnionPay acceptance coverage in India continues to increase |url=https://www.unionpayintl.com/en/mediaCenter/newsCenter/companyNews/4850.shtml |publisher=Unionpayintl |date=10 January 2019}}</ref>
In February 2019, the company partnered with [[RAKBANK]] to launch a payment platform in the UAE. In March 2018, [[Google Pay (mobile app)|Google Pay]] entered into partnership with Pine Labs to capture the offline payments space in India.<ref>{{cite news |last1=Soni |first1=Yatti |title=Google Pay Partners With Pine Labs To Capture Offline Payments Space In India |url=https://inc42.com/buzz/google-pay-partners-with-pine-labs-to-capture-offline-payments-space-in-india/ |publisher=Inc42.com |date=28 March 2018}}</ref><ref>{{cite news |title=Google Pay looks beyond UPI, card payments in the works |url=https://tech.economictimes.indiatimes.com/news/internet/google-pay-to-allow-users-to-pay-via-debit-and-credit-cards/69258604 |publisher=[[The Economic Times]] |date=10 May 2019}}</ref> The company partnered with [[UnionPay]] in January 2019.<ref>{{cite news |title=UnionPay acceptance coverage in India continues to increase |url=https://www.unionpayintl.com/en/mediaCenter/newsCenter/companyNews/4850.shtml |publisher=Unionpayintl |date=10 January 2019}}</ref>


In April 2021, Pine Labs acquired [[Southeast Asia]]n deals and [[wikt:cash-back|cash-back]] platform Fave for $45&nbsp;million.<ref>{{Cite web|title=Pine Labs has just bought Fave for $45 million|url=https://beamstart.com/content/129665/pine-labs-buys-fave|access-date=2021-04-13|website=Entrepreneurship News, Community, and Resources {{!}} BEAMSTART|language=en}}</ref> Fave's co-founders [[Joel Neoh Eu-Jin|Joel Neoh]], Yeoh Chen Chow, and Arzumy MD, will continue working in the company to expand its presence across Southeast Asia and India.<ref>{{Cite web|title=Pine Labs acquires Southeast Asian startup Fave for $45 million|url=https://social.techcrunch.com/2021/04/13/pine-labs-acquires-southeast-asian-startup-fave-for-45-million/|access-date=2021-04-13|website=TechCrunch|date=13 April 2021 |language=en-US}}</ref>
In April 2021, Pine Labs acquired [[Southeast Asia]]n deals and [[wikt:cash-back|cash-back]] platform Fave for $45&nbsp;million.<ref>{{Cite web|title=Pine Labs has just bought Fave for $45 million|url=https://beamstart.com/content/129665/pine-labs-buys-fave|access-date=2021-04-13|website=Entrepreneurship News, Community, and Resources {{!}} BEAMSTART|language=en}}</ref> Fave's co-founders [[Joel Neoh Eu-Jin|Joel Neoh]], Yeoh Chen Chow, and Arzumy MD, will continue working in the company to expand its presence across Southeast Asia and India.<ref>{{Cite web|title=Pine Labs acquires Southeast Asian startup Fave for $45 million|url=https://techcrunch.com/2021/04/13/pine-labs-acquires-southeast-asian-startup-fave-for-45-million/|access-date=2021-04-13|website=TechCrunch|date=13 April 2021 |language=en-US}}</ref>


In August, 2021 the company suffered a data breach exposing the data of up to 500,000 of its users to hackers, which raised several concerns on its capabilities to protect sensitive customer information.<ref>{{cite web |last1=Ghosh |first1=Debangana |title=Data breach at Pine Labs exposes 500,000 records |url=https://www.thehindubusinessline.com/info-tech/data-breach-at-pine-labs-exposes-500000-records/article35962296.ece |website=thehindubusinessline.com |language=en |date=17 August 2021}}</ref>
In August, 2021 the company suffered a data breach exposing the data of up to 500,000 of its users to hackers, which raised several concerns on its capabilities to protect sensitive customer information.<ref>{{cite web |last1=Ghosh |first1=Debangana |title=Data breach at Pine Labs exposes 500,000 records |url=https://www.thehindubusinessline.com/info-tech/data-breach-at-pine-labs-exposes-500000-records/article35962296.ece |website=thehindubusinessline.com |language=en |date=17 August 2021}}</ref>


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{{dash}}7 billion.<ref>{{cite news |title=Fintech startup Pine Labs to seek $500 million in US IPO |url=https://economictimes.indiatimes.com/markets/ipos/fpos/fintech-startup-pine-labs-to-seek-500-million-in-us-ipo/articleshow/88805186.cms |publisher=[[The Economic Times]] |date=10 January 2022}}</ref>
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{{dash}}7 billion.<ref>{{cite news |title=Fintech startup Pine Labs to seek $500 million in US IPO |url=https://economictimes.indiatimes.com/markets/ipos/fpos/fintech-startup-pine-labs-to-seek-500-million-in-us-ipo/articleshow/88805186.cms |publisher=[[The Economic Times]] |date=10 January 2022}}</ref>

In August 2024, it secured approval from the [[National Company Law Tribunal]] for its planned merger of its Indian and Singaporean entities.<ref>{{Cite web |last=Singh |first=Charu |date=2024-08-19 |title=Pine Labs Gets NCLT Green Light For Merger Of Its Indian And Singaporean Entities |url=https://www.ndtvprofit.com/business/pine-labs-gets-nclt-green-light-for-merger-of-its-indian-and-singaporean-entities |access-date=2024-08-19 |website=NDTV Profit |language=en}}</ref>


== Funding ==
== Funding ==
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== Products and services ==
== Products and services ==
The company provides mobile devices that allow merchants to accept credit and debit card payments.<ref>{{cite news |title=Pine Labs brings digital payment innovations to the MENA Region |url=http://saudigazette.com.sa/article/530742/BUSINESS/Pine-Labs-brings-digital-payment-innovations-to-the-MENA-Region |publisher=[[Saudi Gazette]] |date=18 March 2018 |location=[[Dubai]]}}</ref><ref>{{cite news |title=Pine Labs revenues grow 55% to ₹302 crore, while slipping into loss, in FY18 |url=https://www.theindianwire.com/startups/pine-labs-revenues-%E2%82%B9302-crore-fy18-80009/ |publisher=Theindianwire.com |date=31 October 2018}}</ref><ref>{{cite news |last1=Shaikh |first1=Shadma |title=Use reward points, don't lose them |url=https://www.asianage.com/technomics/use-reward-points-don-t-lose-them-120 |publisher=[[Asian Age]] |date=19 November 2015}}</ref><ref>{{cite news |last1=Gupta |first1=Soumya |title='Soon To Be Unicorns' : India's Top 40+ |url=http://bwdisrupt.businessworld.in/article/-Soon-To-Be-Unicorns-India-s-Top-40-/07-02-2017-112555/ |publisher=[[BusinessWorld]] |date=7 February 2017}}</ref>
The company provides POS devices that allow merchants to accept credit and debit card payments.<ref>{{cite news |title=Pine Labs brings digital payment innovations to the MENA Region |url=http://saudigazette.com.sa/article/530742/BUSINESS/Pine-Labs-brings-digital-payment-innovations-to-the-MENA-Region |publisher=[[Saudi Gazette]] |date=18 March 2018 |location=[[Dubai]]}}</ref><ref>{{cite news |title=Pine Labs revenues grow 55% to ₹302 crore, while slipping into loss, in FY18 |url=https://www.theindianwire.com/startups/pine-labs-revenues-%E2%82%B9302-crore-fy18-80009/ |publisher=Theindianwire.com |date=31 October 2018}}</ref><ref>{{cite news |last1=Shaikh |first1=Shadma |title=Use reward points, don't lose them |url=https://www.asianage.com/technomics/use-reward-points-don-t-lose-them-120 |publisher=[[Asian Age]] |date=19 November 2015}}</ref><ref>{{cite news |last1=Gupta |first1=Soumya |title='Soon To Be Unicorns' : India's Top 40+ |url=http://bwdisrupt.businessworld.in/article/-Soon-To-Be-Unicorns-India-s-Top-40-/07-02-2017-112555/ |publisher=[[BusinessWorld]] |date=7 February 2017}}</ref>


== See also ==
== See also ==

Latest revision as of 19:33, 19 August 2024

Pine Labs Pvt. Ltd.
IndustryFintech
Founded1998; 27 years ago (1998)
FounderLokvir Kapoor
Rajul Garg
Headquarters
Noida, Uttar Pradesh (Corporate Office)
Gurgaon, Haryana (Registered Office)
,
India
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 ₹1,588 crore (US$190 million) (FY23)[2]
Increase ₹−227 crore (US$−27 million) (FY23)[2]
SubsidiariesQwikcilver Solutions Pvt Ltd.
Websitepinelabs.com

Pine Labs is an Indian company that provides point of sales systems and payment systems, founded in 1998. The company has 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 retail outlets such as Spencer's Retail, Pantaloons, Shoppers Stop, and Westside.[5] It also has a presence in other countries, primarily in Asia, such as India, UAE, Singapore and Malaysia.[6] On 21 May 2024 Pine Labs got approval from Singapore Court to dissolve its Singapore branch.[7]

Some of its notable investors include LonePine, PayPal, Temasek Holdings, Actis Capital, Altimeter Capital, Sofina, and Sequoia Capital.

History

[edit]

The company was founded in 1998.[8] 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.[9]

In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.[10]

The company acquired gifting startup Qwikcilver for $110 million in March 2019.[11][12][13]

In February 2019, the company partnered with RAKBANK to launch a payment platform in the UAE. In March 2018, Google Pay entered into partnership with Pine Labs to capture the offline payments space in India.[14][15] The company partnered with UnionPay in January 2019.[16]

In April 2021, Pine Labs acquired Southeast Asian deals and cash-back platform Fave for $45 million.[17] 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.[18]

In August, 2021 the company suffered a data breach exposing the data of up to 500,000 of its users to hackers, which raised several concerns on its capabilities to protect sensitive customer information.[19]

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.[20]

In August 2024, it secured approval from the National Company Law Tribunal for its planned merger of its Indian and Singaporean entities.[21]

Funding

[edit]

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.[22][23]

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.[24] It had also raised funds in 2015 from Sofina and in 2009 from Sequoia Capital.[25][26] As of May 2018, It has raised a total of $208 million.[22]

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 .[27] 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.[28]

Products and services

[edit]

The company provides POS devices that allow merchants to accept credit and debit card payments.[29][30][31][32]

See also

[edit]

References

[edit]
  1. ^ Pine Labs Genie
  2. ^ a b "Pine Labs logs revenue of Rs 1,600 crore, trims losses in FY23". Financial Express. 30 December 2023. Retrieved 30 December 2023.
  3. ^ Upadhaya, Harsh (18 February 2022). "Pine Labs raises $150 Mn from Alpha Wave at $5 Bn valuation". entrackr.com.
  4. ^ https://www.livemint.com/companies/news/pine-labs-plans-to-deploy-1-5-lakh-android-pos-devices-by-next-fiscal-11582462971021.html
  5. ^ Gooptu, Biswarup; Bhakta, Pratik (28 August 2017). "Season may be right for Sequoia to exit Pine Labs". The Economic Times.
  6. ^ a b "Here are the top 10 highest-funded startups in India". CNBC TV18. 29 May 2019.
  7. ^ https://www.thehindubusinessline.com/money-and-banking/pine-labs-receives-singapore-court-nod-to-shift-base-to-india/article68196746.ece
  8. ^ "Indian fintech firm Pine Labs confidentially files for U.S. IPO". The Hindu. 10 January 2022. ISSN 0971-751X. Retrieved 4 July 2022.
  9. ^ 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.
  10. ^ Tyagi, Gaurav (30 July 2019). "Pine Labs secures Rs 707 Cr from Singapore-based parent company". Entrackr. Retrieved 4 July 2022.
  11. ^ Bhakta, Pratik (20 March 2019). "Pine Labs acquires gifting startup Qwikcilver". The Economic Times.
  12. ^ "Why Pine Labs is acquiring Qwikcilver". The Economic Times. 26 February 2019.
  13. ^ Arakali, Harichandan (19 March 2019). "Singapore's Pine Labs acquires gift card tech company Qwikcilver in $110 million deal". Forbes India.
  14. ^ Soni, Yatti (28 March 2018). "Google Pay Partners With Pine Labs To Capture Offline Payments Space In India". Inc42.com.
  15. ^ "Google Pay looks beyond UPI, card payments in the works". The Economic Times. 10 May 2019.
  16. ^ "UnionPay acceptance coverage in India continues to increase". Unionpayintl. 10 January 2019.
  17. ^ "Pine Labs has just bought Fave for $45 million". Entrepreneurship News, Community, and Resources | BEAMSTART. Retrieved 13 April 2021.
  18. ^ "Pine Labs acquires Southeast Asian startup Fave for $45 million". TechCrunch. 13 April 2021. Retrieved 13 April 2021.
  19. ^ Ghosh, Debangana (17 August 2021). "Data breach at Pine Labs exposes 500,000 records". thehindubusinessline.com.
  20. ^ "Fintech startup Pine Labs to seek $500 million in US IPO". The Economic Times. 10 January 2022.
  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. ^ a b Russel, John (31 May 2018). "PayPal and Singapore's Temasek invest $125M in Indian payment startup Pine Labs". TechCrunch.
  23. ^ "India's Pine Labs Racks Up $125 Million". The Wall Street Journal. 31 May 2018.
  24. ^ Bhakta, Pratik (13 March 2018). "Actis, Altimeter put $82 million in Pine Labs to grow roots". The Economic Times.
  25. ^ Alexander, George Smith (13 March 2015). "Sequoia's Pine Labs Said to Seek Funding at $1 Billion Valuation". Bloomberg News.
  26. ^ "Striking gold: A look at India's growing club of Unicorns". The Economic Times. 29 June 2018.
  27. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 27 February 2020.
  28. ^ Manikandan, Ashwin. "Pine Labs gets funding at $3.5-billion valuation ahead of US IPO". The Economic Times. Retrieved 16 September 2021.
  29. ^ "Pine Labs brings digital payment innovations to the MENA Region". Dubai: Saudi Gazette. 18 March 2018.
  30. ^ "Pine Labs revenues grow 55% to ₹302 crore, while slipping into loss, in FY18". Theindianwire.com. 31 October 2018.
  31. ^ Shaikh, Shadma (19 November 2015). "Use reward points, don't lose them". Asian Age.
  32. ^ Gupta, Soumya (7 February 2017). "'Soon To Be Unicorns' : India's Top 40+". BusinessWorld.

List of Top 10 Fintech Companies In India 2022-23 by CEO Review Magazine

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