Pine labs | Business Upturn

Pine Labs acquires Shopflo for up to ₹88 crore to enhance commerce platform

Business Desk — Sat, 25 Apr 2026 08:52:26 +0000

Pine Labs, a prominent fintech platform, has announced the acquisition of Shopflo Technologies Private Limited, a company specialising in direct-to-consumer checkout solutions. The acquisition, approved by Pine Labs‘ Board of Directors on April 25, 2026, involves purchasing 100% of Shopflo’s shares from its existing shareholders.

Shopflo, incorporated on December 16, 2021, under the Companies Act, 2013, is known for its development and deployment of e-commerce enablement services and technology. As of March 31, 2025, Shopflo reported a turnover of ₹147.35 million and a paid-up capital of ₹2,78,180.

The acquisition is valued at up to ₹88 crore, payable in one or more tranches, and is expected to be completed within three months. The transaction is conducted on a cash basis and does not constitute a related party transaction under SEBI regulations.

Pine Labs aims to leverage Shopflo’s capabilities to create a unified commerce and payments platform that offers end-to-end solutions for direct-to-consumer merchants. This includes in-store payments, online checkout optimisation, consumer engagement tools, and seamless data integration across channels.

Commenting on the acquisition, B Amrish Rau, CEO of Pine Labs, highlighted the strategic importance of integrating Shopflo’s technology to enhance Pine Labs’ offerings. Priy Ranjan, Co-founder and CEO of Shopflo, expressed enthusiasm about joining Pine Labs to expand their reach and impact in the e-commerce sector.

This acquisition positions Pine Labs to address the growing needs of online merchants by providing a comprehensive platform that combines payment infrastructure with intelligent checkout solutions.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

This article is written by Business Desk and reviewed by Aman Shukla before publication.

Pine Labs collaborates with OpenAI to build Agentic Commerce infrastructure in India’s expanding fintech market

Aman Shukla — Thu, 19 Feb 2026 06:37:26 +0000

Pine Labs has announced a strategic collaboration with OpenAI to build what it calls “Agentic Commerce,” signalling a fundamental shift from traditional automation to AI-driven financial intelligence.

The partnership integrates OpenAI’s advanced APIs directly into Pine Labs’ AI-native infrastructure, creating a powerful reasoning layer within its commerce stack. Rather than relying on passive systems that merely execute predefined commands, this new architecture enables contextual understanding, probability-based decision-making, and workflow optimisation within secure and compliant financial environments. The move represents a clear departure from deterministic “if/then” fintech logic that has shaped digital payments for decades.

Under this collaboration, financial systems will not only process transactions but also actively enhance them. AI agents embedded within the infrastructure can autonomously optimise settlement cycles, manage recurring payments, analyse transaction behaviours, and streamline operational inefficiencies. Commerce platforms evolve from transaction processors into intelligent growth engines capable of driving efficiency at scale.

The timing of this partnership aligns with India’s rapidly advancing payment ecosystem. Innovations led by the National Payments Corporation of India and the continued expansion of the Unified Payments Interface have already transformed the country into one of the most sophisticated digital payments markets globally. With features such as UPI Reserve Pay enhancing flexibility and reliability, the infrastructure is primed for the next evolution—AI-powered conversational commerce.

By combining OpenAI’s reasoning capabilities with India’s high-speed digital payment rails, Pine Labs is enabling users to delegate entire financial lifecycles to intelligent agents within a single conversation. Businesses can potentially allow AI systems to negotiate supplier contracts, optimise cross-border settlement timelines, or automate billing cycles while operating within predefined compliance guardrails. This transition moves conversational AI beyond product discovery and into actionable financial execution.

Security and compliance remain central to the deployment of this agentic stack. All AI-driven workflows operate within Pine Labs’ enterprise-grade security architecture, designed to meet stringent regulatory standards applicable to financial institutions. Strict data isolation protocols, encryption frameworks, and human-in-the-loop oversight mechanisms ensure that while AI systems gain autonomy, regulatory accountability and risk management remain uncompromised.

Beyond internal transformation, Pine Labs is extending its AI-enabled infrastructure to developers and third-party innovators. By opening its agentic stack, the company aims to foster a new generation of AI-native fintech applications built on a regulated and trusted foundation. Merchants ranging from small enterprises to multinational corporations will gain access to a commerce system capable of reasoning, adapting, and optimising operations in real time.

Pine Labs partners with Wio Bank to build next-gen acquiring infrastructure in the Middle East

Aman Shukla — Mon, 26 Jan 2026 08:56:31 +0000

Pine Labs, a global fintech platform redefining how businesses accept and manage digital payments, has announced a strategic partnership with Wio Bank, the Middle East’s leading digital financial platform. The collaboration aims to build a modern, future-ready acquiring infrastructure for Wio Bank with zero legacy technology dependency, positioning the bank to scale faster in a rapidly evolving cashless economy.

As part of the partnership, Wio Bank will deploy Credit+, Pine Labs’ modular, API-first acquiring platform, to power its core acquiring operations. The move is expected to significantly enhance merchant onboarding speed, enable real-time settlement, and support seamless multi-mode payment acceptance at scale.

The Credit+ platform has been built for high performance and flexibility, enabling intelligent rule-based workflows, data-driven decision-making, and continuous optimisation of payment acceptance rates. It also manages the entire merchant acquisition and lifecycle journey through a developer-friendly, tech-first architecture, making it well-suited for digital-first banks operating in high-growth markets.

Designed on a cloud-native, microservices-based framework, Credit+ allows Wio Bank to efficiently scale acquiring volumes while maintaining high availability, enterprise-grade security, and strict regulatory compliance. The architecture supports rapid feature rollouts, real-time operational insights, and strong resilience, ensuring uninterrupted payment services even as transaction volumes grow.

This partnership reflects Pine Labs’ broader strategy of working with leading banks and enterprises worldwide to modernise legacy financial infrastructure using modular, cloud-native platforms. With a strong local presence and deep expertise in payment technologies, Pine Labs continues to play a key role in enabling next-generation digital payment ecosystems.

Pine Labs partners with ICICI Bank to enable acceptance of Digital Rupee on its PoS terminals

United News of India (UNI) — Tue, 02 May 2023 11:00:51 +0000

Mumbai, May 2: Leading merchant commerce omnichannel platform, Pine Labs on Tuesday announced the acceptance of digital Rupee on its PoS terminals in partnership with ICICI Bank. The technology integration between the two entities will now support e Rupee (Digital Rupee) acceptance at Pine Labs’ point-of-sale terminals across key retail outlets in Mumbai and Bengaluru.

Pine Labs’ execution of the Digital Rupee payment process is completely digital via dynamic QR built within its smart Android PoS terminals.
Commenting on the announcement, B Amrish Rau, CEO, Pine Labs, said, “CBDC and Digital Rupee opens up exciting opportunities. If implemented correctly, it can accelerate the migration from paper-based currency to digital. Pine Labs is happy to partner with ICICI Bank in launching CBDC as a payment option under this pilot run by the RBI.”

Mr. Bijith Bhaskar, Head – Digital Channels and Partnerships, ICICI Bank, said, “The introduction of CBDC or Digital Rupee is a historic milestone in the digital journey of India. India is among the select few countries globally to have its own digital currency. The Digital Rupee, which is a tokenised digital version of the Indian Rupee, is a resilient, safe and additional avenue to users for making payments. Increased acceptance of Digital Rupee would hasten its adoption among customers. We are delighted to partner with Pine Labs to make Digital Rupee an accepted payment mode at their merchant PoS terminals. This would present a seamless payment option to the users and improve the operational efficiency of merchants with Pine Labs PoS terminals.”

IPO bound Pine Labs raises $150 million from Alpha Wave

Vineet Jain — Fri, 18 Feb 2022 13:11:46 +0000

IPO-bound Pine Labs has secured $150 million in a mix of main and secondary capital from Alpha Wave Global (previously Falcon Edge), at a valuation of more than $5 billion.

According to regulatory records submitted by the firm in Singapore, the digital payment and financial services provider has already got the first tranche of $75 million from Alpha Wave. Dealstreet Asia was the first to report on this development.

According to individuals familiar with the deal terms, the present fundraising also includes an additional round in the amount of $50 million to $75 million. Pine Labs CEO Amrish Rau verified the news on Friday morning, explaining that the cash is being used to help the company establish an omnichannel approach.

“We can confirm that Alpha Wave Venture has invested $150 million in Pine Labs. We are happy to bring a marquee investor on board. Our omnichannel strategy is showing strong revenue growth. We are also seeing strong growth in international markets, ” Rau added. He did not, however, remark on the current round’s secondary rise.

With the purchase of Singapore-based loyalty payments company Fave last year, merchant-focused fintech made its first foray into consumer products. Consumers would be able to make payments through the universal payments interface (UPI) provided the corporation followed through on its ambitions. With the acquisition, it hoped to expand further into Southeast Asian areas.

This year, the corporation was planning to expand into the Middle East. Pine Labs, which has mostly focused on offline retailers, developed Plural, a payment gateway last year to assist new-age direct-to-consumer (D2C) firms in accepting digital and credit-linked payments, in an effort to diversify.

It has also made a concerted effort to expand its presence in the online payments market. It revealed earlier this month the purchase of Mumbai-based online payments company Qfix Infocomm to strengthen its online payments offering and provide other services to businesses such as billing, invoicing, and workflows.

Pine Labs has filed with the US Securities and Exchange Commission for a ‘secret’ initial public offering (IPO) of $500 million, with a valuation of $6 billion to $7 billion. In the same month, the firm received $20 million from the State Bank of India, India’s largest lender. Sequoia Capital, Temasek Holdings, Actis, PayPal, and Mastercard are among the companies that have invested in the firm.

State Bank of India invests $20 million in Pine Labs

News Desk — Tue, 04 Jan 2022 12:11:42 +0000

Pine Labs now has boarded a new investor in the company as the startup gears up for its Initial Public Offering (IPO). The country’s largest public sector bank State Bank of India has made a $20 million investment in the merchant platform.

“In the last one year, several marquee investors have placed their trust in our business model and growth momentum and that is a gratifying feeling. This association with SBI is a personally satisfying experience as I had started my career selling financial services technology to SBI”, B Amrish Rau, CEO of Pine Labs.

To date, the merchant platform has raised a total of $700 million in two rounds of fundraising. The first $600 million was raised in July 2021 by Fidelity Investments, Blackrock and other investors at a valuation of $3 billion. In September 2021, the company raised $100 million from Atlanta-based investment management company Invesco. The company is also backed by Sequoia Capital, Temasek Holdings, Actis, PayPal, Mastercard and other investors.

The company provides services such as merchant payments, PoS and Buy Now Pay Later (BNPL) solutions. The company also expanded its business across India and Southeast Asia with its acquisition of payments application Fave. The company is planning to invest the money in Plural, an online payments gateway platform.

Ahead of its IPO, the company have appointed Morgan Stanley and Goldman Sachs as their advisors and is eyeing a valuation of $6 billion through its IPO. Founded in 1998, Pine Labs processes payments worth $30 million in a year. It serves over 150,000 merchants in 3,700 cities across Asia and the Middle East.

Pine Labs back in the investors with a raise of US$600m

Nishita Sharma — Tue, 06 Jul 2021 06:42:30 +0000

Pine Labs industry is a payment platform that engages merchants in India and some parts of Southeast Asia, has now closed a US$600 million fundraising round with one of the world’s largest investors which includes Fidelity Management & Research and BlackRock as it targets an IPO within 18 months.

CEO of Pine Labs Mr. Amrish Rau said that the Singapore-based startup, offers solutions for in-store and online payments as well as prepaid, loyalty, and “pay later” programs, and it is valued at US$3 billion. Investors are participating in the round of fundraising which has included the fund advised by Neuberger Berman Group and India’s IIFL Finance and Kotak Funds.

Banks and merchants have to pay a monthly fee for using Pine Labs’ application for a service, as it is a startup that also receives micro-fees on every transaction. Payment services are now gaining high popularity in Asia because smartphones have become highly widespread which is benefiting providers such as Pine Labs.

In a video conference, Mr. Rau said that “It’s a product from India that’s succeeded in Malaysia and Singapore and is entering Indonesia and Thailand.” He also added that “We’ve got a good, Ebitda-positive story as we plan our IPO in the next 18 months.

The initial public offering will likely take place in the US, Mr. Rau said. “With our size and scale, we want to make it a global IPO.”