Report: Pine Labs Considering IPO in India, Seeking $6 Billion Valuation

Asian digital payments provider Pine Labs is reportedly considering a $1 billion initial public offering (IPO) in India, seeking a valuation of $6 billion.

The company may issue both new and secondary shares, and it could do a pre-IPO fundraising round, Bloomberg reported Friday (June 21), citing unnamed sources.

No final decisions have been made, and the details could change, according to the report.

Pine Labs did not immediately reply to PYMNTS’ request for comment.

In 2022, the company filed confidentially with the U.S. Securities and Exchange Commission for an IPO, per the report.

Its consideration of an IPO in India comes at a time when the amount raised via IPOs in the country has tripled from the same period last year, making India one of the world’s hottest markets for share sales, the report said. So far in 2024, IPOs in India have raised $7 billion.

Pine Labs provides merchants with solutions for payments and other financial services, currently serving more than 500,000 merchants in India, the Middle East and Southeast Asia, per the report.

In May, the company said it collaborated with Google India to enable Google Wallet to integrate gift cards in India.

With Pine Labs powering the gift cards integration in India, Google Wallet users will be able to store and manage their gift cards within the app, easily and conveniently, and will be reminded to use the cards at the point of purchase, Pine Labs said in a May 30 press release.

“In recent years, we have witnessed a seismic shift in the way merchants have embraced digital modes of payment,” Navin Chandani, president, issuing business at Pine Labs, said in the release the time. “Considering the huge Android user base in the country we anticipate a sharp jump in the usage of gift cards as more retailers and brands will now look to leverage it in their omnichannel strategy to expand their customer base, improve customer experience, retention and loyalty.”

It was reported Monday (June 17) that India is also drawing multibillion-dollar investments from Big Tech firms centered on the country’s artificial intelligence (AI) efforts. Amazon and Microsoft are reportedly among the companies making these investments.