View source for Company:Pine Labs

{{short description|Indian merchant platform company}}
{{Use Indian English|date=February 2020}}
{{Infobox company
| name = Pine Labs Pvt. Ltd.
| logo = Pine Labs.png
| logo_size = 
| logo_alt = 
| logo_caption = 
| former_name = 
| type = 
| traded_as = 
| ISIN = 
| industry = [[Social:Fintech|Fintech]]
| genre = 
| fate = 
| predecessor = <!-- or: | predecessors = -->
| successor = <!-- or: | successors = -->
| founded = {{Start date and age|1998}}
| founder = Lokvir Kapoor<br> Rajul Garg<br>
| defunct = <!-- {{End date|YYYY|MM|DD}} -->
| hq_location = 
| hq_location_city = Noida, Uttar Pradesh
| hq_location_country = India
| num_locations_year = <!-- Year of num_locations data (if known) -->
| area_served = {{wipe|India}}, [[Place:Middle East|Middle East]], [[Place:Southeast Asia|Southeast Asia]]
| key_people = Lokvir Kapoor (Executive chairman)<br> B.Amrish Rau (CEO)
| products = myPlutus app, Plutus Smart, Pine Labs Genie,<ref>{{citation |title=Pine Labs Genie|url=https://queuebuster.co/genie}}</ref> Plural
| production_year = <!- Year of production data (if known) -->
| services = 
| revenue = {{increase}} {{INRconvert|1588|c}} (FY23)<ref name="fy23"/>
| profit = {{increase}} {{INRconvert|-227|c}} (FY23)<ref name="fy23">{{cite news |title=Pine Labs logs revenue of Rs 1,600 crore, trims losses in FY23 |url=https://www.financialexpress.com/business/pine-labs-logs-revenue-of-rs-1600-crore-trims-losses-in-fy23-3351068/ |access-date=30 December 2023 |work=Financial Express |date=30 December 2023 |language=en}}</ref>
| subsid = Qwikcilver Solutions Pvt Ltd.
| website = {{URL|https://www.pinelabs.com|pinelabs.com}}
}}
'''Pine Labs''' is an Indian company that provides financing and retail transaction technology. Founded in 1998, it is a unicorn startup, with 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|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 major retail outlets such as Spencer's Retail, Pantaloons, Shoppers Stop, and 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 {{wipe|India}}, Malaysia and other parts of Asia.<ref name=cnbctv18/>

Some of its investors include LonePine, [[Company:PayPal|PayPal]], Temasek, Actis Capital, Altimeter Capital, Sofina, and Sequoia Capital.

== History == 
The company was founded in 1998.<ref>{{Cite news |last= |date=2022-01-10 |title=Indian fintech firm Pine Labs confidentially files for U.S. IPO |language=en-IN |work=The Hindu |url=https://www.thehindu.com/sci-tech/technology/indian-fintech-firm-pine-labs-confidentially-files-for-us-ipo/article38216927.ece |access-date=2022-07-04 |issn=0971-751X}}</ref> The company evolved from petroleum retail automation to becoming a payments products and services firm for merchants. It has over 100,000 merchants in {{wipe|India}} and other Asian countries. Pine Labs has sold over 850,000 PoS terminals in India.<ref>{{cite news |last1=Abrar |first1=Peerzada |last2=Mishra |first2=Bibhu Ranjan |title=Pine Labs gears up for next phase of growth, plans to foray into new mkts |url=https://www.business-standard.com/article/companies/pine-labs-gears-up-for-next-phase-of-growth-plans-to-foray-into-new-mkts-119061200040_1.html |publisher=Business Standard |date=12 June 2019}}</ref>

In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.<ref>{{Cite web |last=Tyagi |first=Gaurav |date=2019-07-30 |title=Pine Labs secures Rs 707 Cr from Singapore-based parent company |url=https://entrackr.com/2019/07/pine-labs-rs-707-cr-singapore-parent/ |access-date=2022-07-04 |website=Entrackr |language=en-US}}</ref>

The company acquired a gifting startup Qwikcilver for $110&nbsp;million in March 2019.<ref>{{cite news |last1=Bhakta |first1=Pratik |title=Pine Labs acquires gifting startup Qwikcilver |url=https://tech.economictimes.indiatimes.com/news/startups/pine-labs-acquires-gifting-startup-qwikcilver/68484948 |publisher=The Economic Times |date=20 March 2019}}</ref><ref>{{cite news |title=Why Pine Labs is acquiring Qwikcilver |url=https://tech.economictimes.indiatimes.com/news/startups/why-pine-labs-is-acquiring-qwikcilver/68170511 |publisher=The Economic Times |date=26 February 2019}}</ref><ref name=forbes>{{cite news |last1=Arakali |first1=Harichandan |title=Singapore's Pine Labs acquires gift card tech company Qwikcilver in $110 million deal |url=http://www.forbesindia.com/article/special/singapores-pine-labs-acquires-gift-card-tech-company-qwikcilver-in-$110-million-deal/52841/1 |work=Forbes India |date=19 March 2019}}</ref>

In February 2019, the company partnered with RAKBANK to launch a payment platform in the UAE. In March 2018, [[Software:Google Pay (mobile app)|Google Pay]] came 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 [[Company:UnionPay|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 [[Place:Southeast Asia|Southeast Asia]]n deals and 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, 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 August, 2021 the company suffered a data breach exposing the data of up to 500,000 of its users to hackers.<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 [[Finance:Initial public offering|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>

== Funding ==
In May 2018, Pine Labs raised $125&nbsp;million (₹843[[Crore|&nbsp;crores]]) from Temasek Holdings and [[Company:PayPal|PayPal]], making it one of the unicorn startup companies with a valuation of over $1 billion.<ref name=tc>{{cite news |last1=Russel |first1=John |title=PayPal and Singapore's Temasek invest $125M in Indian payment startup Pine Labs |url=https://techcrunch.com/2018/05/31/paypal-temasek-pine-labs/ |publisher=TechCrunch |date=31 May 2018}}</ref><ref>{{cite news |title=India's Pine Labs Racks Up $125 Million |url=https://www.wsj.com/articles/indias-pine-labs-racks-up-125-million-1527774004 |publisher={{wipe|The Wall Street Journal}} |date=31 May 2018}}</ref>

In March 2018, the company raised $82&nbsp;million (₹530&nbsp;crores) from Actis Capital, a [[Finance:Private equity fund|private equity fund]] and Altimeter Capital, a {{wipe|California}}-based [[Finance:Investment company|investment company]].<ref>{{cite news |last1=Bhakta |first1=Pratik |title=Actis, Altimeter put $82 million in Pine Labs to grow roots |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/actis-altimeter-put-82-million-in-pine-labs-to-grow-roots/articleshow/63278387.cms |publisher=The Economic Times |date=13 March 2018}}</ref> It had also raised funds in 2015 from Sofina and in 2009 from Sequoia Capital.<ref>{{cite news |last1=Alexander |first1=George Smith |title=Sequoia's Pine Labs Said to Seek Funding at $1 Billion Valuation |url=https://www.bloomberg.com/news/articles/2015-03-13/sequoia-s-pine-labs-said-to-seek-funding-at-1-billion-valuation |publisher={{wipe|Bloomberg News}} |date=13 March 2015}}</ref><ref name=et>{{cite news |title=Striking gold: A look at India's growing club of Unicorns |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/in-the-land-of-unicorns/articleshow/64787658.cms |publisher=The Economic Times |date=29 June 2018}}</ref> As of May 2018, It has raised a total of $208&nbsp;million.<ref name=tc/>

In May 2019, it was listed among the top 10 highest-funded startups in India by CNBC TV18.<ref name=cnbctv18>{{cite news |title=Here are the top 10 highest-funded startups in India |url=https://www.cnbctv18.com/photos/startup/oyo-byjus-among-the-top-funded-startups-in-india-3503811-2.htm |publisher=CNBC TV18 |date=29 May 2019}}</ref> In Jan 2020, it  announced it had raised an undisclosed sum from [[Company:Mastercard|Mastercard]] .<ref>{{Cite web|url=https://www.techinasia.com/mastercard-invests-pine-labs|title=Tech in Asia - Connecting Asia's startup ecosystem|website=www.techinasia.com|language=en-US|access-date=2020-02-27}}</ref> In December 2020, it raised US$75-$100&nbsp;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&nbsp;million at a valuation of $3.5 billion from Fidelity and [[Company:BlackRock|Blackrock]].<ref>{{Cite news|last=Manikandan|first=Ashwin|title=Pine Labs gets funding at $3.5-billion valuation ahead of US IPO|work=The Economic Times|url=https://economictimes.indiatimes.com/tech/funding/fidelity-blackrock-lead-pine-labs-600-million-funding-ahead-of-ipo/articleshow/84161757.cms|access-date=2021-09-16}}</ref>

== 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>

== See also ==

* List of unicorn startup companies

== References ==
{{reflist}}
[https://ceoreviewmagazine.com/top-10/top-10-fintech-companies-in-india/ List of Top 10 Fintech Companies In India 2022-23] by CEO Review Magazine

{{Payment service providers}}
{{FinTech in India}}

[[Category:Payment service providers]]
[[Category:Online payments]]
[[Category:Companies (Finance)]]
[[Category:Companies]]

{{Sourceattribution|Pine Labs}}