Pine Labs Private Limited

Based in Noida, India, and founded in 1998, Pine Labs Private Limited is a fintech solutions company that provides a merchant platform and makes software for point-of-sale (PoS) machines. In India, the firm has over 70,000 merchants, including prominent shops such as Marks and Spencer's Retail, Pantaloons, Shoppers Stop, and Westside. Pine Labs entered the mainstream payments and banking solutions for retailers in 2004. In February 2019, the firm announced a collaboration with RAKBANK to develop a payment platform in the UAE.

In March 2019, the company acquired USD 110 million for the acquisition of the gifting startup Qwikcilver. Pine Labs paid USD 45 million in April 2021 to purchase Southeast Asian deals and cash-back site Fave. In May 2021, Pine Labs Private Limited raised USD 285 million in venture funding from new investors. In July 2021, the company raised USD 315 million in venture funding.

In September 2021, Pine Labs raised USD 100 million. As of 2021, the Fave app has more than 6 million consumers access in over 40,000 merchant outlets. The company provides a merchant platform with technological and financial solutions to assist merchants in boosting revenue, decreasing the cost and complexity in business, and managing the risks. The platform enables physical and online last-mile retail transactions and provides merchants with customer data for targeted sales to help them develop their businesses.

The company’s solutions to set up payments include contactless payment, UPI, mobile wallets, PoS devices (Plutus PoS), online payments, and omnichannel services. Pine Labs offer business tools that include pay later, loyalty, working capital, and utility app integrations for customers and business. The company plans to scale up its Android POS network in 2020-21 to 1. 5 lakh machines and diversify into newer industries.