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Peak XV Partners-backed Pine Labs Eyeing $1 Billion IPO in India If this plan goes ahead, Pine Labs' IPO will become the biggest by an Indian fintech firm after Paytm operator One97 Communications raised about USD 2.5 billion in 2021

By Paromita Gupta

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Pine Labs

Fintech firm Pine Labs reportedly is eyeing an initial public offering (IPO) of USD one billion in India.

The report comes after the company received approval from a Singapore court to relocate its base to India, merging its Singapore and Indian entities.

The digital payments startup is seeking a valuation of USD six billion in the IPO. As reported by Bloomberg, the IPO is expected to issue both new and secondary shares, and could also opt to do a pre-IPO fundraising round ahead of any listing.

If this plan goes ahead, Pine Labs' IPO will become the biggest by an Indian fintech firm after Paytm operator One97 Communications raised about USD 2.5 billion in 2021.

Shelved plans

Pine Labs is backed by marquee investors such as Flipkart, Peak XV Partners, Paypal Ventures, and Actis.

Catering to 500,000+ merchants in 3,700+ cities in India, the Middle East, and Southeast Asia, Pine Labs previously filed for an IPO worth USD 500 million with the US Securities and Exchange Commission in January 2022. Notably, the listing would have valued the fintech player at USD seven billion, according to the sources.

However, it deferred its IPO plans in 2023. "But there is no window for an IPO (right now) and there are no qualms to say that at this point. As far as we are concerned, financially Pine Labs is in a sound position and has already raised more than $1.1 billion. And we are in no hurry right now to go for an IPO," told Amrish Rau, CEO, Pine Labs to ET.

In March 2022, it raised USD 50 million from European Growth Capital firm Vitruvian Partners.

In June 2023, Fidelity Investments cut the startup's valuation by nine per cent to USD 4.5 billion. In April 2024, Baron hiked its valuation to USD 5.8 billion, while Invesco pushed it to USD 4.8 billion.

With this, Pine Labs joined an increasing number of startups planning to move their domiciles back home or going the public route.

Paromita Gupta

Entrepreneur Staff

Features Writer with Entrepreneur India

Covering news and trends in AI and Metaverse segments. An avid book reader running her personal blog on the side. You may reach me at paromita@entrepreneurindia.com. 
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