# Pine Labs

> Pine Labs is an Indian commerce technology company that connects merchants, brands and financial institutions across in-store payments, online checkout, prepaid programs, credit processing and fintech infrastructure. Its advantage is not a single consumer app but a stack that can accept a payment, attach an installment or reward, process the transaction and return useful data to the businesses involved. Listed on the NSE and BSE since November 2025, it reported FY2026 revenue of INR 2,711 crore, its first full-year profit and more than 20 million transactions enabled each day.

- **Founded:** 1998
- **Headquarters:** Noida, India
- **Founders:** Lokvir Kapoor (Founder and former Chairman), Rajul Garg (Co-founder), Tarun Upadhyay (Co-founder)
- **Team size:** Approximately 5,200 employees, based on supplied company data.
- **Products:** Plutus and in-store payments, PayLater and affordability solutions, PinePerks and prepaid, Pine Labs Online, Fintech infrastructure
- **Notable:** Listed on the NSE and BSE on November 14, 2025., Reported its first full year of profitability in FY2026, with INR 113 crore profit after tax., Processed $194 billion in gross transaction value in FY2026, up 50% year over year.

## Products & services

- **Plutus and in-store payments** — Cloud-connected payment acceptance across cards, UPI and other modes, with terminals, settlement tools, dynamic currency conversion, affordability and merchant services.
- **PayLater and affordability solutions** — Checkout financing that lets eligible consumers use card EMI, debit EMI, cardless EMI, BNPL and down-payment options while merchants can improve conversion on larger purchases.
- **PinePerks and prepaid** — Gift cards, brand wallets, rewards catalogues, promotions, B2B gifting, transit and other stored-value programs, expanded through Qwikcilver.
- **Pine Labs Online** — Online payment gateway and orchestration products including checkout, links, subscriptions, payouts, split settlements, tokenisation, international payments and developer APIs.
- **Fintech infrastructure** — Setu-powered BBPS, UPI collections, account-aggregator connectivity, identity, underwriting, collections and autopay infrastructure for financial institutions and fintechs.
- **Credit+** — Network-agnostic issuing and acquiring processing for banks and fintechs, including card, merchant and transaction lifecycle management.
- **P3P** — An HTTP-native protocol and SDK set for consent-driven payments by AI agents, initially using UPI ReservePay and one-time mandates.

## Achievements

- Listed on the NSE and BSE on November 14, 2025.
- Reported its first full year of profitability in FY2026, with INR 113 crore profit after tax.
- Processed $194 billion in gross transaction value in FY2026, up 50% year over year.
- Enabled more than 20 million transactions per day in FY2026.
- Connected roughly 2 million terminals, more than 450 brands and 177 financial institutions in FY2026.
- Operated across 22 countries, with international revenue above INR 400 crore in FY2026.
- Plutus became the first payment solution in India to receive PCI Point-to-Point Encryption certification, according to Pine Labs.
- Expanded from in-store acceptance into online payments, prepaid, issuing and acquiring, and API-led fintech infrastructure through launches and acquisitions.

## Latest updates

- **2025-11** — Completed an INR 3,899.91 crore IPO and began trading on the NSE and BSE on November 14.
- **2026-02** — Completed the purchase of the remaining stake in Agya Technologies, making the account-aggregator company a wholly owned subsidiary.
- **2026-04** — Agreed to acquire direct-to-consumer checkout platform Shopflo for INR 88 crore in cash, subject to closing conditions; corporate filings later recorded completion.
- **2026-05** — Reported FY2026 revenue of INR 2,711 crore, adjusted EBITDA of INR 559 crore and its first full-year profit, at INR 113 crore.
- **2026-05** — Announced entry into the Philippines with GCash for Business, extending acquiring, affordability and loyalty products.
- **2026-05** — Launched P3P, an agent-oriented payment protocol built initially around UPI mandates and verifiable receipts.

## Links

- Website: https://www.pinelabs.com/
- LinkedIn: https://in.linkedin.com/company/pinelabs
- Twitter/X: https://twitter.com/pinelabs
- YouTube: https://www.youtube.com/channel/UCFgMWH8YdL_T-mz5TejZgmg
- Instagram: https://www.instagram.com/pinelabs_official/
- Facebook: https://www.facebook.com/pinelabs

---

Profile page: https://yespress.io/pine-labs
Published by YesPress — https://yespress.io
Last updated: 2026-08-15