# Pine Labs

Pine Labs is an Indian company that provides point of sales systems and payment systems, founded in 1998. The company has a valuation of over US$5 billion.
The company makes Android-based point of sale (PoS) machines and has more than 70,000 retailers across India, including retail outlets such as Spencer's Retail, Pantaloons, Shoppers Stop, and Westside. It also has a presence in other countries, primarily in Asia, such as India, UAE, Singapore and Malaysia. On 21 May 2024 Pine Labs got approval from Singapore Court to dissolve its Singapore branch.
Some of its notable investors include LonePine, PayPal, Temasek Holdings, Actis Capital, Altimeter Capital, Sofina, and Sequoia Capital.

## History

The company was founded in 1998. The company evolved from petroleum retail automation to becoming a payments products and services firm for merchants. It has over 100,000 merchants in India and other Asian countries. Pine Labs has sold over 850,000 PoS terminals in India.
In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.
The company acquired gifting startup Qwikcilver for $110 million in March 2019.
In February 2019, the company partnered with RAKBANK to launch a payment platform in the UAE. In March 2018, Google Pay entered into partnership with Pine Labs to capture the offline payments space in India. The company partnered with UnionPay in January 2019.
In April 2021, Pine Labs acquired Southeast Asian deals and cash-back platform Fave for $45 million. Fave's co-founders Joel Neoh, Yeoh Chen Chow, and Arzumy MD, will continue working in the company to expand its presence across Southeast Asia and India.
In August, 2021 the company suffered a data breach exposing the data of up to 500,000 of its users to hackers, which raised several concerns on its capabilities to protect sensitive customer information.
In January 2022, Pine Labs filed confidentially for an initial public offering (IPO) with the U.S. Securities and Exchange Commission seeking to raise about $500 million later that year at a valuation of $5.5 – 7 billion.
In August 2024, it secured approval from the National Company Law Tribunal for its planned merger of its Indian and Singaporean entities.

## Funding

In May 2018, Pine Labs raised $125 million (₹843 crores) from Temasek Holdings and PayPal, making it one of the unicorn startup companies with a valuation of over $1 billion.
In March 2018, the company raised $82 million (₹530 crores) from Actis Capital, a private equity fund and Altimeter Capital, a California-based investment company. It had also raised funds in 2015 from Sofina and in 2009 from Sequoia Capital. As of May 2018, It has raised a total of $208 million.
In May 2019, it was listed among the top 10 highest-funded startups in India by CNBC TV18. In Jan 2020, it announced it had raised an undisclosed sum from Mastercard . In December 2020, it raised US$75-$100 million led by US based billionaire Stephen Mandel's hedge fund Lone Pine Capital. After this funding Pine Labs valuation increased to more than US$2 billion. In July 2021, it raised $325 million at a valuation of $3.5 billion from Fidelity and Blackrock.

## Products and services

The company provides POS devices that allow merchants to accept credit and debit card payments.