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{{Advert|date=June 2021}}
{{Use dmy dates|date=February 2020}}
{{Use Indian English|date=February 2020}}
{{short description|Indian merchant platform company}}
{{Infobox company
| name = Pine Labs Pvt. Ltd.
| logo = Pine Labs.png
| logo_size =
| logo_alt =
| logo_caption =
| former_name =
| type =
| traded_as =
| ISIN =
| ISIN2 =
| industry = [[Fintech]]
| genre =
| fate =
| predecessor = 
| successor = 
| founded = {{Start date and age|1998}}
| founder = Lokvir Kapoor Rajul Garg Tarun Upaday
| defunct = 
| hq_location =
| hq_location_city = [[Noida]], [[India]]
| num_locations_year = 
| area_served = [[India]], [[Middle East]], [[Southeast Asia]]
| key_people = Lokvir Kapoor Executive Chairman B.Amrish Rau Chief Executive Officer
| products = myPlutus app, Plutus Smart
| production_year = 
| services = Instant EMI, Instant Discounts, Cashback Programs, PaybyPoints, Loyalty Solutions, eWallet, Targeted Promotions, Dynamic Currency Conversion and Gift Solution
| revenue = $173 Million<ref>{{cite news |last1=Khatri |first1=Bhumika |title=Pine Labs Makes It Back To Loss Gang For FY18 With 64.6% Increase In Expenses |url=https://inc42.com/buzz/pine-labs-makes-it-back-to-loss-gang-for-fy18-with-55-jump-in-revenues/ |publisher=inc42.com |date=1 November 2018}}</ref>
| revenue_year = 2018
| operating_income =
| subsid = Qwikcilver Solutions Pvt Ltd.
| website = {{URL|https://www.pinelabs.com}}
}}
'''Pine Labs''' is an Indian merchant platform company that provides financing and last-mile retail transaction technology, founded in 1998. It is one of the [[List of unicorn startup companies|unicorn companies]], with a valuation of over US$1 billion.<ref>{{cite news |last1=Agarwal |first1=Meha |title=The Indian Startups That Turned Unicorn In 2018 |url=https://inc42.com/features/the-indian-startups-that-turned-unicorn-in-2018/ |publisher=Inc42.com |date=28 January 2019}}</ref><ref name=et>{{cite news |title=Striking gold: A look at India's growing club of Unicorns |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/in-the-land-of-unicorns/articleshow/64787658.cms |publisher=[[The Economic Times]] |date=29 June 2018}}</ref>

It provides a merchant platform and makes software for [[point of sale]] (PoS) machines.<ref name=forbes/> The company has more than 70,000 retailers across India, including major retail outlets such as [[Mark's]] and [[Spencer's Retail]], [[Pantaloon Retail India|Pantaloons]], [[Shoppers Stop]] and [[Trent (Westside)|Westside]].<ref>{{cite news |last1=Gooptu |first1=Biswarup |last2=Bhakta |first2=Pratik |title=Season may be right for Sequoia to exit Pine Labs |url=https://economictimes.indiatimes.com/small-biz/startups/season-may-be-right-for-sequoia-to-exit-pine-labs/articleshow/60251923.cms |publisher=[[The Economic Times]] |date=28 August 2017}}</ref> It has a presence in [[India]] and [[Malaysia]] and other parts of Asia.<ref name=cnbctv18/>

Some of its investors include LonePine, [[PayPal]], [[Temasek]], [[Actis Capital]], [[Altimeter Capital]], [[Sofina]] and [[Sequoia Capital]].

== History ==
The company was founded in 1998.{{Citation needed|date=January 2020}} The company evolved from a petroleum automation retail solutions player to becoming a payments products and services firm for merchants. It has over 100,000 merchants in India and other Asian countries. Pine Labs platform powers over 350,000 PoS terminals in India.<ref>{{cite news |last1=Abrar |first1=Peerzada |last2=Mishra |first2=Bibhu Ranjan |title=Pine Labs gears up for next phase of growth, plans to foray into new mkts |url=https://www.business-standard.com/article/companies/pine-labs-gears-up-for-next-phase-of-growth-plans-to-foray-into-new-mkts-119061200040_1.html |publisher=[[Business Standard]] |date=12 June 2019}}</ref>

In 2004, Pine Labs ventured into mainstream payments and financial offerings for merchants.{{Citation needed|date=January 2020}}

The company acquired a gifting startup Qwikcilver for $110 million in March 2019.<ref>{{cite news |last1=Bhakta |first1=Pratik |title=Pine Labs acquires gifting startup Qwikcilver |url=https://tech.economictimes.indiatimes.com/news/startups/pine-labs-acquires-gifting-startup-qwikcilver/68484948 |publisher=[[The Economic Times]] |date=20 March 2019}}</ref><ref>{{cite news |title=Why Pine Labs is acquiring Qwikcilver |url=https://tech.economictimes.indiatimes.com/news/startups/why-pine-labs-is-acquiring-qwikcilver/68170511 |publisher=[[The Economic Times]] |date=26 February 2019}}</ref><ref name=forbes>{{cite news |last1=Arakali |first1=Harichandan |title=Singapore's Pine Labs acquires gift card tech company Qwikcilver in $110 million deal |url=http://www.forbesindia.com/article/special/singapores-pine-labs-acquires-gift-card-tech-company-qwikcilver-in-$110-million-deal/52841/1 |work=[[Forbes India]] |date=19 March 2019}}</ref>

In February 2019, the company partnered with [[RAKBANK]] to launch a payment platform in the UAE. In March 2018, [[Google Pay]] came into partnership with Pine Labs to capture the offline payments space in India.<ref>{{cite news |last1=Soni |first1=Yatti |title=Google Pay Partners With Pine Labs To Capture Offline Payments Space In India |url=https://inc42.com/buzz/google-pay-partners-with-pine-labs-to-capture-offline-payments-space-in-india/ |publisher=Inc42.com |date=28 March 2018}}</ref><ref>{{cite news |title=Google Pay looks beyond UPI, card payments in the works |url=https://tech.economictimes.indiatimes.com/news/internet/google-pay-to-allow-users-to-pay-via-debit-and-credit-cards/69258604 |publisher=[[The Economic Times]] |date=10 May 2019}}</ref> The company was partnered with [[UnionPay]] in January 2019.<ref>{{cite news |title=UnionPay acceptance coverage in India continues to increase |url=https://www.unionpayintl.com/en/mediaCenter/newsCenter/companyNews/4850.shtml |publisher=Unionpayintl |date=10 January 2019}}</ref>

In April 2021, Pine Labs acquired [[Southeast Asia|Southeast Asian]] deals and [[wikt:cash-back|cash-back]] platform Fave for $45 million.<ref>{{Cite web|title=Pine Labs has just bought Fave for $45 million|url=https://beamstart.com/content/129665/pine-labs-buys-fave|access-date=2021-04-13|website=Entrepreneurship News, Community, and Resources {{!}} BEAMSTART|language=en}}</ref> Fave's co-founders [[Joel Neoh Eu-Jin|Joel Neoh]], Yeoh Chen Chow, and Arzumy MD will continue working in the company to expand its presence across Southeast Asia and India.<ref>{{Cite web|title=Pine Labs acquires Southeast Asian startup Fave for $45 million|url=https://social.techcrunch.com/2021/04/13/pine-labs-acquires-southeast-asian-startup-fave-for-45-million/|access-date=2021-04-13|website=TechCrunch|language=en-US}}</ref>

== Funding ==
In May 2018, Pine Labs raised $125 million (₹ 843 crores) from [[Temasek Holdings]] and [[PayPal]], making it one of the [[List of unicorn startup companies|unicorn startup companies]] with a valuation of over $1 billion.<ref name=tc>{{cite news |last1=Russel |first1=John |title=PayPal and Singapore's Temasek invest $125M in Indian payment startup Pine Labs |url=https://techcrunch.com/2018/05/31/paypal-temasek-pine-labs/ |publisher=[[TechCrunch]] |date=31 May 2018}}</ref><ref>{{cite news |title=India's Pine Labs Racks Up $125 Million |url=https://www.wsj.com/articles/indias-pine-labs-racks-up-125-million-1527774004 |publisher=[[The Wall Street Journal]] |date=31 May 2018}}</ref>

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]].<ref>{{cite news |last1=Bhakta |first1=Pratik |title=Actis, Altimeter put $82 million in Pine Labs to grow roots |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/actis-altimeter-put-82-million-in-pine-labs-to-grow-roots/articleshow/63278387.cms |publisher=[[The Economic Times]] |date=13 March 2018}}</ref> It had also raised funds in 2015 from [[Sofina]] and in 2009 from [[Sequoia Capital]].<ref>{{cite news |last1=Alexander |first1=George Smith |title=Sequoia's Pine Labs Said to Seek Funding at $1 Billion Valuation |url=https://www.bloomberg.com/news/articles/2015-03-13/sequoia-s-pine-labs-said-to-seek-funding-at-1-billion-valuation |publisher=[[Bloomberg News]] |date=13 March 2015}}</ref><ref name=et/> As of May 2018, It has raised a total of $208 million.<ref name=tc/>

In May 2019, the company was listed among the top 10 highest-funded startups in India by [[CNBC TV18]].<ref name=cnbctv18>{{cite news |title=Here are the top 10 highest-funded startups in India |url=https://www.cnbctv18.com/photos/startup/oyo-byjus-among-the-top-funded-startups-in-india-3503811-2.htm |publisher=[[CNBC TV18]] |date=29 May 2019}}</ref>

In Jan 2020, the company announced it had raised an undisclosed sum from [[Mastercard]] .<ref>{{Cite web|url=https://www.techinasia.com/mastercard-invests-pine-labs|title=Tech in Asia - Connecting Asia's startup ecosystem|website=www.techinasia.com|language=en-US|access-date=2020-02-27}}</ref>

In December 2020, Pine Labs 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.

== Products and services ==
The company provides mobile point of sale (PoS) solutions that allow merchants to accept credit and debit card payments. Some of the offerings of Pine Labs include Instant EMI, Instant Discounts, Cashback Programs, PaybyPoints, Loyalty Solutions, eWallet, Targeted Promotions, Dynamic Currency Conversion and Gift Solution.<ref>{{cite news |title=Pine Labs brings digital payment innovations to the MENA Region |url=http://saudigazette.com.sa/article/530742/BUSINESS/Pine-Labs-brings-digital-payment-innovations-to-the-MENA-Region |publisher=[[Saudi Gazette]] |date=18 March 2018 |location=[[Dubai]]}}</ref><ref>{{cite news |title=Pine Labs revenues grow 55% to ₹302 crore, while slipping into loss, in FY18 |url=https://www.theindianwire.com/startups/pine-labs-revenues-%E2%82%B9302-crore-fy18-80009/ |publisher=Theindianwire.com |date=31 October 2018}}</ref><ref>{{cite news |last1=Shaikh |first1=Shadma |title=Use reward points, don't lose them |url=https://www.asianage.com/technomics/use-reward-points-don-t-lose-them-120 |publisher=[[Asian Age]] |date=19 November 2015}}</ref><ref>{{cite news |last1=Gupta |first1=Soumya |title='Soon To Be Unicorns' : India's Top 40+ |url=http://bwdisrupt.businessworld.in/article/-Soon-To-Be-Unicorns-India-s-Top-40-/07-02-2017-112555/ |publisher=[[BusinessWorld]] |date=7 February 2017}}</ref>

== See also ==
* [[Assignment of copyright in software under Indian Copyright Act]]
* [[Copyright law of India]]
* [[List of unicorn startup companies]]

== References ==
{{reflist}}

== External links ==
* [https://www.pinelabs.com/ Official website]
*[https://www.pinelabs.com/products/card-emi-calculator Pine Labs Debit Card EMI]
*[https://www.pinelabs.com/products/android-pos-machine Pine Labs Android PoS Machine]
*[https://www.pinelabs.com/products/pos-card-machine Pine Labs Card Swipe Machine]
*[https://www.pinelabs.com/products/plutus-qr-scan-pay Pine Labs QR Scan and Pay]
*[https://www.pinelabs.com/products/pay-later-emi Pine Labs Pay Later EMI]
*[https://www.pinelabs.com/products/epos-alltap Pine Labs EPOS AllTap APP]
{{Payment service providers}}
{{FinTech in India}}
[[Category:Companies based in Noida]]
[[Category:Companies established in 1998]]
[[Category:Technology companies of India]]
[[Category:Indian companies established in 1998]]
[[Category:Payment service providers]]
[[Category:Privately held companies of India]]
[[Category:Online payments]]
[[Category:Mobile payments in India]]
[[Category:1998 establishments in Uttar Pradesh]]

Pine Labs - Revision history

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