June 26, 2025
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Pine Labs Files for IPO, Targets Rs.2,600 Cr Raise
Merchant payment solutions giant Pine Labs has officially filed its Draft Red Herring Prospectus (DRHP) with India’s market regulator SEBI, gearing up for a public debut that could raise Rs.2,600 crore. The offering includes a fresh issue and an Offer for Sale (OFS) of up to 147.8 million shares.
Who’s Cashing Out?
Several marquee investors are looking to partially exit via the OFS, including:
- Peak XV Partners (formerly Sequoia Capital India)
- Temasek
- PayPal
- Mastercard
- Invesco
- Actis
- Madison India
Additionally, cofounder Lokvir Kapoor is also set to offload a slice of his holdings.
Pine Labs is also exploring a Rs.520 crore pre-IPO round, which, if successful, will adjust the final IPO size.
Pine Labs at a Glance
Founded in 1998, Pine Labs has grown to become one of India’s top five merchant payment processors, with a dominant presence in offline payments across retail and hospitality.
Initially backed by Peak XV Partners, the fund has since diluted its stake to around 20%. Leadership shifted in recent years, with Amrish Rau, a veteran of India’s fintech space, taking over from Kapoor. Rau previously founded Citrus Payments and headed PayU India.
The company’s cap table reads like a who’s who of global fintech investors—Mastercard, PayPal, Temasek, and Actis, among others.
