Cost expertise firm Pine Labs, backed by PayPal and Mastercard, gained over public traders on Friday, ending its first day of commerce 14% greater even after reducing its valuation for its $440 million IPO. This makes it the second-largest Indian fintech itemizing this yr after on-line brokerage Groww’s practically $750 million debut earlier this week.
The inventory opened at ₹242 and rose as excessive as ₹284 earlier than settling at ₹252, up from the problem worth of ₹221, leading to a market capitalization of ₹289 billion (roughly $3.3 billion) for the Gurugram-based firm.
It’s a step down from Pine Labs’ 2022 personal valuation of over $5 billion, however nonetheless a transparent sign that traders are backing India’s rising push to take its fintech mannequin world.
Based in 1998, Pine Labs has been steadily increasing past India and now operates in 20 markets, together with Malaysia, Singapore, Australia, the UAE, the U.S., and a few components of Africa. What began as a point-of-sale terminal supplier has since developed right into a broader funds platform that helps invoice funds, account-aggregator transactions, and a variety of service provider and buying companies.
In India, Pine Labs competes with the likes of Razorpay, Paytm, and Walmart-owned PhonePe. The corporate turned worthwhile within the June quarter, posting a web revenue of ₹47.86 million (about $540,000), in contrast with a lack of ₹278.89 million a yr earlier. Income from operations rose 17.9% year-over-year to ₹6.16 billion (round $69 million), whereas its abroad enterprise contributed roughly 15% of complete income, rising to ₹943.25 million (about $11 million) from ₹795.97 million a yr earlier.
“We are going to by no means cease being a startup,” stated Amrish Rau, CEO of Pine Labs, throughout its public itemizing ceremony. “Now that we’re a listed firm, [that word] is not going to be heard in our halls.”
Present traders, together with Peak XV Companions, Temasek Holdings, PayPal, and Mastercard, have been amongst those that offered a part of their holdings within the public itemizing.
“Pine Labs by no means wished to compete on worth,” stated Shailendra Singh, managing director at Peak XV Companions. “It all the time wished to compete on a superior proposition. And we all know this firm would preserve compounding as a result of there have been such robust moats within the enterprise, and it formed our worldview of how to consider firms and be affected person and let ecosystems mature.”
Peak XV Companions, which break up from Sequoia Capital in 2023, first invested in Pine Labs in 2009 amid the worldwide monetary disaster. The VC agency can also be seeing back-to-back partial public exits this week, as Pine Labs is its second portfolio firm to listing after Groww, which debuted on Indian exchanges with a 12% pop and closed its first buying and selling day 29% above its challenge worth of ₹100.
Pine Labs’ market debut is a part of a broader wave, because the public-listing engine in India is revving up. From tech and fintech to e-commerce and manufacturing, extra startups are selecting to go public — fuelled by robust home investor urge for food, eased interest-rate situations, and regulatory nudges to spice up listings. Globally, finance has been the highest IPO sector this yr, with IPOs value $34.34 billion thus far in 2025, greater than doubling the $14.05 billion raised over the identical interval in 2024, in keeping with Dealogic.
With its public debut, Pine Labs plans to maintain widening its geographic footprint whereas deepening its presence in India with new services and products aimed on the nation’s quickly increasing, internet-driven shopper base.
“Our core enterprise will preserve increasing. Our moats can be strengthened, and margins will develop,” Rau stated.
