Pine Labs

Last updated

Pine Labs Pvt. Ltd.
Industry Fintech
Founded1998;26 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
RevenueIncrease2.svg₹1,588 crore (US$190 million) (FY23) [2]
Increase2.svg₹−227 crore (US$−27 million) (FY23) [2]
Subsidiaries Qwikcilver Solutions Pvt Ltd.
Website pinelabs.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]

Contents

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

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

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

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

See also

Related Research Articles

<span class="mw-page-title-main">Adyen</span> Dutch financial services company

Adyen is a Dutch payment company with the status of an acquiring bank that allows businesses to accept e-commerce, mobile, and point-of-sale payments. It is listed on the stock exchange Euronext Amsterdam.

Zomato is an Indian multinational restaurant aggregator and food delivery company. It was founded by Deepinder Goyal and Pankaj Chaddah in 2008. Zomato provides information, menus and user-reviews of restaurants as well as food delivery options from partner restaurants in more than 1,000 Indian cities and towns, as of 2022–23. Zomato rivals Swiggy in food delivery and hyperlocal space.

MobiKwik is an Indian payment service provider founded in 2009 that provides a mobile phone-based payment system and digital wallet. Customers can add money to an online wallet that can be used for payments. In 2013 the Reserve Bank of India authorized the company's use of the MobiKwik wallet, and in May 2016 the company began providing small loans to consumers as part of its service.

<span class="mw-page-title-main">Paytm</span> Indian financial technology company

Paytm is an Indian multinational financial technology company, that specializes in digital payments and financial services, based in Noida, India. Paytm was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to consumers and enables merchants to receive payments through QR code payment, Soundbox, Android-based-payment terminal, and online payment gateway. In partnership with financial institutions, Paytm also offers financial services such as microcredit and buy now, pay later to its consumers and merchants.

Carousell is a Singaporean smartphone and web-based consumer to consumer and business to consumer marketplace buying and selling new and secondhand goods. Headquartered in Singapore, it also operates in Malaysia, Indonesia, the Philippines, Taiwan, Hong Kong, Macau, Australia, New Zealand and Canada. Carousell is available on both iOS and Android devices.

OYO Rooms, also known as OYO Hotels & Homes, is an Indian multinational hospitality chain of leased and franchised hotels, homes, and living spaces. Founded in 2012 by Ritesh Agarwal, OYO initially consisted mainly of budget hotels. As of January 2020, it has more than 43,000 properties and 1 million rooms across 800 cities in 80 countries.

PT Gojek Indonesia is an Indonesian on-demand multi-service platform and digital payment technology group based in Jakarta. Gojek was first established in Indonesia in 2009 as a call center to connect consumers to courier delivery and two-wheeled ride-hailing services. Gojek launched its application in 2015 with only four services: GoRide, GoSend, GoShop, and GoFood. Valued at US$10 billion today, Gojek has transformed into a super app, providing more than 20 services.

Nium is a Singapore-headquartered cross-border payments company. Initially founded by Prajit Nanu and Michael Bermingham, and launched as a consumer-remittance platform Instarem in 2014. In 2016, the company introduced its B2B payments platform and rebranded as Nium in 2019, subsequently elevating Pratik Gandhi to co-founder in 2021. However, Gandhi left Nium in October 2023, around the time Nium's Chief Product Officer also left the company and Nium announced a layoff of over 10% of its global staff.

Byju's is an Indian multinational educational technology company, headquartered in Bengaluru. It was founded in 2011 by Byju Raveendran and Divya Gokulnath. As of January 2024, Byju's made a valuation ask of $200 million, a sharp fall given its peak valuation of $22 billion in 2022. As of April 2023, the company claims to have over 150 million registered students.

<span class="mw-page-title-main">Scripbox</span>

Scripbox is a Bengaluru-based digital wealth management service founded in 2012.

Delhivery is an Indian logistics and supply chain company, based in Gurgaon. It was founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati. The company has over 85 fulfillment centers, 29 automated sort centers, 160 hubs, 7,500+ partner centers, and 3,500+ direct delivery centers, as of 2021. About two-thirds of its revenue comes from providing third-party logistics and delivery services to e-commerce companies.

<span class="mw-page-title-main">Acko General Insurance</span> Insurance company in India

Acko General Insurance is a private sector general insurance company in India. Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017. Acko follows an online-led model and hence all operations for the company are offered through the digital platform.

Swiggy is an Indian online food ordering and delivery platform. Founded in 2014, Swiggy is headquartered in Bangalore and operates in more than 580 Indian cities, as of July 2023. Besides food delivery, the platform also provides on-demand grocery deliveries under the name Instamart, and a same-day package delivery service called Swiggy Genie.

Lenskart is an Indian multinational optical prescription eyewear retail chain, based in Gurugram. As of March 2023, Its manufacturing facility in New Delhi manufactures 3 lakh glasses a month. Lenskart is building an automated factory in Bhiwadi, Rajasthan, with an annual production capacity of 5 crore glasses.

Pristyn Care is a Gurugram based health-tech company that deals in minimal invasive medical and surgical interventions. The organization has a network of more than 700 partnered hospitals and 100 clinics. The company was started in 2018 and covers proctology, gynaecology, IVF, urology, vascular, otorhinolaryngology, laparoscopy, anaesthetics, and ophthalmology.

<span class="mw-page-title-main">Cred (company)</span> Indian financial technology company

Dreamplug Technologies Pvt. Ltd. d/b/a CRED is an Indian fintech company, based in Bangalore. Founded in 2018 by Kunal Shah, it is a reward-based credit card payments app. Cred also lets users make house rent payments and provides short-term credit lines. Cred has received criticism for being overvalued and lacking a sound monetization strategy.

<span class="mw-page-title-main">Ola Electric</span> Indian electric scooter manufacturer

Ola Electric Mobility is an Indian electric two-wheeler manufacturer, based in Bangalore. It has a manufacturing facility located in Krishnagiri, Tamil Nadu In 2023, the company led the electric scooter market in India, with a 30% share.

<span class="mw-page-title-main">One97 Communications</span> Indian multinational technology company

One97 Communications Ltd is an Indian multinational technology company, headquartered in Noida. It was founded in 2000 by Vijay Shekhar Sharma. Through its subsidiaries and businesses, the company offers digital payment and financial services to consumers and merchants in India. It also provides mobile advertising, marketing and payments for merchants.

LenDenClub is an Indian P2P lending platform owned and operated by Innofin Solutions. Founded in 2015, the company's headquarters are situated in Mumbai, India.

References

  1. ↑ Pine Labs Genie
  2. 1 2 "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. 1 2 "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. 1 2 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

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.