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, Pine Labs Payment Protocol (P3P) for agentic UPI payments, Credit Line on UPI, Pine Labs One AI Agent and Agent Marketplace, Jarvis multi-agent platform
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 Cloud (Gemini-powered agentic commerce for merchants, Sep 2026), L&T Finance (agentic commerce and payments in PLANET app, 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, DMRC, GCash (Philippines), British Airways, TAROM, Suntec Mall (Singapore), 11.5 lakh merchants and 21.7 lakh digital checkout points in Q1 FY27
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
FY26 revenue: ₹2,710.6 crore, up 19% YoY; FY26 net profit: ₹112.5 crore; FY26 adjusted EBITDA: ₹560 crore; FY26 gross transaction value: $194B. Q1 FY27 revenue: ₹737 crore, up 20% YoY; profit after tax: ₹20 crore, up 4x YoY; adjusted EBITDA: ₹126 crore; platform gross transaction value: approximately ₹4.22 lakh crore (~$45B); digital checkout points: 21.7 lakh; merchants: 11.5 lakh.
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.
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Official website: https://www.pinelabs.com