Indian fintech firm Pine Labs is gearing up for a domestic initial public offering (IPO) in the second half of 2025, CEO Amrish Rau told Reuters.
India’s equity markets have seen over US$1 trillion wiped off in market capitalisation amid weak investor sentiment.
However, Rau indicated that Pine Labs remains committed to its IPO timeline and is focused on long-term growth rather than short-term market fluctuations.
While acknowledging that market conditions could impact the timing, he said any delay would not be a major setback, as the company is already prepared for a public listing.
A source familiar with the matter said the planned IPO is expected to raise around US$1 billion, comprising both fresh capital and stake sales by existing investors. Rau did not confirm the IPO size.
If successful, it would be the country’s second-largest fintech listing, following Paytm’s US$2.5 billion IPO in 2021.
The company provides a range of payment solutions, including point-of-sale terminals for merchants.
Pine Labs, which was valued at US$5 billion in 2022, counts venture capital firm Peak XV, PayPal, Mastercard, and Singapore’s Temasek among its investors.
The company is expanding its revenue streams by offering technology solutions to banks, fintech firms, and corporations.
Pine Labs is awaiting regulatory approval to shift its corporate domicile to India.
In the financial year 2023-24, Pine Labs reported revenue of US$200.4 million, a slight increase from US$189.72 million the previous year.
However, losses widened to US$40.68 million from US$27.24 million, according to its financial disclosures.
Featured image credit: Edited from LinkedIn
