DRHP Status : Not Filed
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Pine Labs was founded in 1998 by Lokvir Kapoor and Rajul Garg. Headquartered in Noida, Uttar Pradesh, Pine Labs is a leading fintech company specialising in merchant payment solutions. The company offers a range of products, including Android-based point-of-sale (POS) terminals, Buy Now Pay Later (BNPL) services, and digital gift card solutions through its subsidiary, Qwikcilver. Pine Labs serves over 350,000 merchants across India and Southeast Asia. The company has raised over $1.3 billion from investors such as PayPal, Mastercard, Temasek, and Peak XV Partners. In June 2025, Pine Labs filed for an initial public offering (IPO) in India, aiming to raise ₹2,600 crore ($304 million).
Click here to visit the official website of Pine Labs Ltd.
| P&L Statement | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 934 | 1291 | 1341 |
| Cost of Material Consumed | 172 | 200 | 220 |
| Change in Inventory | -8 | -7 | -1 |
| Gross Margins | 81.58 | 84.51 | 83.59 |
| Employee Benefit Expenses | 448 | 607 | 625 |
| Other Expenses | 208 | 330 | 393 |
| EBITDA | 114 | 161 | 104 |
| OPM | 12.21 | 12.47 | 7.76 |
| Other Income | 24 | 29 | -20 |
| Finance Cost | 24 | 33 | 58 |
| D&A | 188 | 231 | 266 |
| EBIT | -74 | -70 | -162 |
| EBIT Margins | -7.92 | -5.42 | -12.08 |
| PBT | -75 | -75 | -240 |
| PBT Margins | -8.03 | -5.81 | -17.9 |
| Tax | -52 | -19 | -53 |
| PAT | -23 | -56 | -187 |
| NPM | -2.46 | -4.34 | -13.94 |
| EPS | -1.7 | -4.03 | -2.23 |
|
Financial Ratios |
2022 | 2023 | 2024 |
|---|---|---|---|
| Operating Profit Margin | 12.21 | 12.47 | 7.76 |
| Net Profit Margin | -2.46 | -4.34 | -13.94 |
| Earning Per Share (Diluted) | -1.7 | -4.03 | -2.23 |
| Assets | 2022 | 2023 | 2024 |
|---|---|---|---|
| Fixed Assets | 521 | 583 | 442 |
| CWIP | 122 | 251 | 201 |
| Investments | 50 | 13 | 16 |
| Trade Receivables | 299 | 483 | 513 |
| Inventory | 12 | 21 | 23 |
| Other Assets | 5259 | 6055 | 6716 |
| Total Assets | 6263 | 7406 | 7911 |
| Liabilities | 2022 | 2023 | 2024 |
|---|---|---|---|
| Share Capital | 13.5 | 13.9 | 83.9 |
| FV | 1 | 1 | 1 |
| Reserves | 1899 | 2170 | 1960 |
| Borrowings | 236 | 307 | 477 |
| Trade Payables | 193 | 332 | 375 |
| Other Liabilities | 3921.5 | 4583.1 | 5015.1 |
| Total Liabilities | 6263 | 7406 | 7911 |
| Name | Holding |
|---|---|
| Promoters | 99.89% |
| Others | 0.11% |
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