Payment technology company Pine LabsThe PayPal and Mastercard-backed company wowed public investors on Friday, closing its first day of trading up 14% despite cutting its valuation for its $440 million initial public offering. That makes it the second-largest Indian fintech listing this 12 months, after online brokerage Groww made its nearly $750 million debut earlier this week.
The stock began at ₹242 and rose to ₹284 before settling at ₹252 against the difficulty price of ₹221, leading to a market capitalization of ₹289 billion (about $3.3 billion) for the Gurugram-based company.
That’s a step down from Pine Labs’ 2022 private valuation of over $5 billion, but still a transparent signal that investors are supporting India’s growing ambitions to spread its fintech model globally.
Founded in 1998, Pine Labs has been steadily expanding beyond India and now operates in 20 markets including Malaysia, Singapore, Australia, the United Arab Emirates, the US and a few parts of Africa. What began as a point-of-sale terminal provider has since evolved right into a broader payments platform supporting bill payments, account aggregator transactions and a variety of merchant and acquiring services.
In India, Pine Labs competes with the likes of Razorpay, Paytm and Walmart-owned PhonePe. The company turned profitable within the June quarter, posting a net profit of ₹47.86 million (about $540,000), in comparison with a lack of ₹278.89 million a 12 months ago. Operating revenue grew 17.9% year-on-year to ₹6.16 billion (roughly $69 million), while overseas business contributed about 15% to total revenue, rising to ₹943.25 million (roughly $11 million) from ₹795.97 million a 12 months ago.
“We will never stop being a startup,” Pine Labs CEO Amrish Rau said in the course of the IPO ceremony. “Now that we are a publicly traded company, [that word] will not be heard in our halls.”
Existing investors, including Peak XV Partners, Temasek Holdings, PayPal and Mastercard, were amongst those that sold a few of their shares as a part of the listing.
“Pine Labs never wanted to compete on price,” said Shailendra Singh, managing director of Peak XV Partners. “It always wanted to compete with a superior offering. And we know that this company would continue to grow because there were such strong moats in the business, and it shaped our worldview of how to think about business, be patient and allow ecosystems to mature.”
Peak XV Partners, which split from Sequoia Capital in 2023, first invested in Pine Labs in 2009 amid the worldwide financial crisis. The VC firm can be experiencing several consecutive partial public exits this week, as Pine Labs becomes the second portfolio company to list on the stock exchange after Groww. The company debuted on Indian bourses with a 12% rise and closed its first day of trading 29% above its issue price of ₹100.
Pine Labs’ market debut is an element of a broader wave because the listing engine revs up in India. From technology and fintech to e-commerce and manufacturing, an increasing number of startups are opting to go public – driven by strong appetite from domestic investors, relaxed rate of interest conditions and regulatory incentives to encourage listings. Worldwide finance was the highest IPO sector According to Dealogic, there have been $34.34 billion in IPOs this 12 months to this point in 2025, greater than doubling the $14.05 billion raised in the course of the same period in 2024.
With its public debut, Pine Labs plans to further expand its geographic footprint while deepening its presence in India with latest services and products targeting the country’s rapidly growing, internet-based consumer base.
“Our core business will continue to grow. Our market moats will be strengthened and margins will grow,” said Rau.
