Pine Labs to Fully Acquire RBI-Licensed Agya Technologies Through Setu Pine Labs currently holds around a 25 percent stake in Agya Technologies and intends to acquire the remaining shares in the near term, potentially in multiple tranches.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Fintech unicorn Pine Labs is set to fully consolidate its ownership in RBI-licensed account aggregator Agya Technologies through its fintech infrastructure arm, Setu.
A recent regulatory filing shows that the Reserve Bank of India has approved Setu, officially registered as BrokenTusk Technologies Pvt Ltd, to raise its stake in Agya Technologies Pvt Ltd to 100 percent. Until now, Agya Technologies operated as an associate of Setu.
Pine Labs currently holds around a 25 percent stake in Agya Technologies and intends to acquire the remaining shares in the near term, potentially in multiple tranches, according to the filing.
The move comes after Pine Labs secured all three digital payment licences from the Reserve Bank of India. These licences cover offline payments, online merchant payments, and cross-border transactions, allowing the company to provide end-to-end digital payment solutions across merchant touchpoints.
On the financial front, Pine Labs reported revenue of INR 650 crore in the second quarter of fiscal year 2026, up from INR 551 crore in the same quarter last year. The company also posted a net profit of INR 6 crore compared with a loss of INR 32 crore in the second quarter of fiscal 2025.
The firm marked a positive start on the public markets, listing at a 9.5 percent premium over its issue price. Shares opened at INR 242 each against the IPO price of INR 221, giving the Peak XV-backed company a stable debut on both the NSE and BSE.
