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Pine Labs

Category: AI in Fintech

Indian multinational merchant commerce platform providing point-of-sale systems, payment gateways, BNPL, and fintech infrastructure. Pine Labs was founded in 1998. The company is led by B. Amrish Rau. Based in Noida, Uttar Pradesh, India. Team size: 3501-5000. Total funding raised: $1.2B. Latest round: IPO. Key investors include Peak XV Partners (Sequoia Capital); Temasek Holdings; PayPal; Mastercard; Actis Capital; Altimeter Capital; Fidelity Management & Research Company; BlackRock; Alpha Wave Global; Lone Pine Capital; Sofina; Vitruvian Partners.

Founded
1998
Headquarters
Noida, Uttar Pradesh, India
Team size
3501-5000
Total funding
$1.2B

Value proposition

End-to-end merchant commerce platform combining offline POS terminals, online payment gateways, BNPL/EMI solutions, gift card infrastructure, and AI-powered fintech tools for retailers.

Products and solutions

Android-based POS terminals (Plutus Smart); Payment Gateway (Plural); BNPL/EMI solutions; Prepaid & Gift Card solutions (Qwikcilver); Pine Labs Genie; myPlutus app; AI-powered commerce tools (OpenAI partnership)

Unique value

Largest offline POS network in India (350,000+ terminals across 3,700+ cities) combined with comprehensive online payment gateway, BNPL, and gift card solutions — all integrated into a single merchant platform with AI capabilities.

Target customer

Retail merchants (offline and online), enterprises, and financial institutions across India, UAE, Malaysia, and Southeast Asia.

Industries served

Retail, E-commerce, Electronics, Fashion, Food & Beverage, Healthcare, Hospitality, Financial Services

Technology advantage

Android-based POS ecosystem; AI integration with OpenAI for agentic commerce; deep integrations with India's top 12 card-issuing banks and 14 merchant-acquirers; proprietary BNPL/EMI processing at point-of-sale; 25+ years of merchant relationships.

How they differentiate

Pine Labs has the deepest offline POS merchant network in India (350K+ terminals) with 25+ years of merchant relationships, while competitors like Razorpay and Cashfree are primarily online payment gateways. Pine Labs uniquely bridges offline and online commerce with a unified platform.

Main competitors

Razorpay; Paytm (One97 Communications); BillDesk; Cashfree Payments; PhonePe

Key partnerships

OpenAI (agentic commerce & AI tools, Feb 2026); Google Pay (offline payments, 2018); Mastercard (strategic investment & partnership); RAKBANK UAE (payment platform); UnionPay (acceptance coverage); PayPal (investor & partner)

Notable customers

Marks & Spencer Retail; Pantaloons; Westside; 75,000+ merchants across India; 350,000+ POS terminals across 3,700+ cities

Major milestones

1998: Founded; 2004: Entered mainstream payments; 2018: Became unicorn ($1B+ valuation); 2019: Acquired Qwikcilver ($110M); 2021: Acquired Fave ($45M); 2022: Filed confidentially for US IPO; 2025-11-14: Listed on NSE/BSE via $440M IPO at ~$3.64B valuation; 2026-02: Partnered with OpenAI for agentic commerce; 2026-04: Acquired Shopflo (₹88Cr) for D2C expansion; 2026-05: Reported Q4 FY26 results — first full-year profit of ₹112.5Cr

Growth metrics

Revenue: ₹2,710.6 crore (~$320M) in FY26, up 19% YoY; Net Profit: ₹112.5 crore in FY26 (vs loss of ₹145.5 crore in FY25); Q4 FY26 Revenue: ₹700.5 crore (+17% YoY); Q4 FY26 Net Profit: ₹59.4 crore (vs loss of ₹28.9 crore in Q4 FY25); Adjusted EBITDA: ₹560 crore in FY26; Gross Transaction Value: $194B in FY26 (+50% YoY); Market Cap: ~₹16,800 crore (~$1.8B) as of May 2026

Market positioning

Leading Indian merchant commerce platform with dominant offline POS presence, expanding aggressively into online payments (Plural), D2C (Shopflo acquisition), and AI-powered commerce. Publicly listed on NSE/BSE since Nov 2025.

Geographic focus

India (primary), UAE, Malaysia, Southeast Asia

About B. Amrish Rau

Co-founder & CEO of Citrus Pay (acquired by PayU/Naspers in 2016); Country Manager at First Data; General Manager at Teradata; Sales Manager at Siemens Nixdorf. Electronics Engineer from Mumbai University.

Official website: