Pine Labs is a leading Indian fintech company that provides a comprehensive suite of payment and merchant commerce solutions. Founded in 1998 by Lokvir Kapoor and Rajul Garg, the company is headquartered in Noida, Uttar Pradesh, with a registered office in Gurgaon, Haryana. Over the years, Pine Labs has evolved from offering petroleum retail automation solutions to becoming a prominent player in the digital payments ecosystem, serving merchants across India, Southeast Asia, and the Middle East.
Founded: 1998
Founders: Lokvir Kapoor and Rajul Garg
Headquarters: Noida, Uttar Pradesh, India
CEO: Amrish Rau
Industry: Financial Technology (FinTech)
Valuation: Over US$5 billion
Pine Labs offers a diverse range of products and services designed to streamline payment processes and enhance customer experiences:
Point-of-Sale (POS) Solutions: Advanced POS terminals like Plutus Smart, Plutus Ace, and Pine Labs Genie that support multiple payment methods, including EMV-compliant card payments, QR code payments, and UPI.
Online Payment Gateway: Through its merchant commerce platform, Plural, Pine Labs provides online payment solutions, including Plural Gateway, Plural Checkout, and Plural Console, catering to e-commerce businesses.
Consumer Financing: Offers Buy Now, Pay Later (BNPL) solutions and EMI options on debit and credit cards, enhancing customer purchasing power.
Loyalty and Gift Card Programs: Enables businesses to create and manage customized gift card programs and loyalty solutions to drive customer engagement and retention.
Analytics and Insights: Provides data analytics tools that offer insights into consumer behavior, purchasing patterns, and market trends, helping merchants make informed decisions.
Pine Labs has a significant market presence, serving over 150,000 merchants and processing billions of transactions annually. The company has expanded its operations beyond India to international markets, including Southeast Asia and the Middle East.
To bolster its offerings and expand its reach, Pine Labs has engaged in strategic partnerships and acquisitions:
Acquisition of Qwikcilver: In March 2019, Pine Labs acquired Qwikcilver, a gifting startup, for $110 million, enhancing its capabilities in the gift card space.
Acquisition of Fave: In April 2021, Pine Labs acquired Fave, a Southeast Asian deals and cashback platform, for $45 million, aiming to build a consumer-centric vertical for discounts and discovery in India and Southeast Asia.
Pine Labs has attracted substantial funding from prominent investors, including Sequoia Capital, Temasek Holdings, PayPal, and Mastercard. As of 2021, the company had raised over $850 million in funding, achieving a valuation exceeding $5 billion.
Mission: To simplify payments and empower businesses by providing intuitive, secure, and scalable payment solutions.
Vision: To envision a future where transactions are seamless, enabling businesses to focus on growth and customer satisfaction without the complexities of payment processes.
Pine Labs continues to innovate and expand its product offerings, aiming to leverage emerging technologies such as artificial intelligence and machine learning to deliver more sophisticated and personalized payment solutions to its customers.
