Latest news with #PineLabs
Entrepreneur
12-06-2025
- Business
- Entrepreneur
Pine Labs to File IPO Papers with Sebi by June-End, Eyes INR 6,000 Crore Raise
According to people familiar with the matter, the company has mandated Axis Capital, JP Morgan, Morgan Stanley, Citi, and Jefferies as lead bankers for the issue You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Payments and lending platform Pine Labs is preparing to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) by the end of June, according to a report by The Economic Times. The Noida-based company is aiming to raise between INR 5,000 and 6,000 crore through an initial public offering (IPO) later this year, with a targeted valuation of $4–5 billion—on par with its last private funding round. According to people familiar with the matter, the company has mandated Axis Capital, JP Morgan, Morgan Stanley, Citi, and Jefferies as lead bankers for the issue. "The plan is to file the DRHP by June-end and target the IPO towards the end of the year, depending on market conditions," one of the sources told ET. Pine Labs, which was formerly headquartered in Singapore, recently completed a structural shift back to India through a reverse flip—a move finalized on April 9 following approval from the Chandigarh bench of the National Company Law Tribunal. The relocation is seen as part of a broader effort to align with Indian regulatory frameworks ahead of the public offering. Regulatory filings for FY24 indicate the company posted an operating revenue of INR 1,743 crore, with a pre-tax loss of INR 339 crore. The company has been working toward a listing over several quarters, having initially pursued a U.S. IPO in 2022 by confidentially filing with the Securities and Exchange Commission (SEC). That plan, which aimed to raise around $500 million, was later shelved. The upcoming IPO puts Pine Labs in the company of other Indian fintechs moving toward public markets. Whether market sentiment will hold through the latter half of the year remains to be seen.
Time of India
12-06-2025
- Business
- Time of India
Payment aggregators under RBI lens; Pine Labs, Meesho's IPO plans
Payment aggregators under RBI lens; Pine Labs, Meesho's IPO plans Want this newsletter delivered to your inbox? Also in the letter: RBI keeping a close watch on newly-licensed payment firms What's happening: Driving the news: KY-See: The other side: Also Read: Pine Labs gears up for Rs 5,000-6,000 crore IPO Why it matters: The details: IPO size: Rs 5,000-6,000 crore Rs 5,000-6,000 crore Target valuation: $4–5 billion (flat to last private round) $4–5 billion (flat to last private round) Bankers: Axis Capital, JP Morgan, Morgan Stanley, Citi, Jefferies Axis Capital, JP Morgan, Morgan Stanley, Citi, Jefferies FY24 revenue: Rs 1,743 crore (up around 10% YoY) Rs 1,743 crore (up around 10% YoY) FY24 loss before tax: Rs 339 crore (up around 50% YoY) Founding history: Adding context: Between the lines: Meesho flip back likely this week, IPO filing to follow Details The Bengaluru-based company is targeting a $700-800 million IPO. The company converted into a 'public limited' entity from a 'private limited' one, ET had reported on June 10. Meesho is also in the process of redomiciling to India from the US. Also Read: Indian SaaS startups eye Cayman Islands route Global factor: From US to here: Flipping back: Also Read: Other Top Stories By Our Reporters Credgenics' profit triples to Rs 25 crore in FY25; revenue up 40% | Early investors await Meta-Scale deal windfall: Report | Zetwerk kicks off work on manufacturing facility in Bengaluru: Global Picks We Are Reading Happy Thursday! After approving about 54 companies to become payment aggregators, the central bank is tightening its reins in the sector. This and more in today's ETtech Morning Dispatch.■ Startups' Cayman Islands route■ Credgenics FY25 report■ Scale AI investors' paydayThe Reserve Bank of India (RBI) has intensified its oversight of newly licensed payment aggregators (PAs), conducting regular audits and closely scrutinising their operational central bank has granted licences to 54 companies to operate as online payment aggregators. It is now focused on ensuring these new players fully comply with established sector its regulatory lens now widened to cover digital payments, the RBI is actively working to plug potential gaps that fraudsters could exploit to access the broader banking ecosystem, sources told executive said the aim is to eliminate fraudulent merchants from the your customer (KYC) compliance is under particular scrutiny. The RBI had earlier issued a draft proposal requiring full KYC for every merchant onboarded by payment aggregators. While this has not yet been fully rolled out, the regulator has begun checking whether companies' on-ground agents are following KYC executive at a PA firm said bank audits are routine, but RBI inspections are more rigorous.'We have added professional independent directors to the board now and have changed many approval systems in a way that abides by regulatory protocol. There is more hygiene that the RBI is trying to bring in,' said another chief executive officer at a Mumbai-based digital payments Rau, CEO, Pine LabsPine Labs is preparing to file its draft IPO papers with Sebi by the end of June, according to people familiar with the matter, as the fintech firm targets a public listing later this move places Pine Labs among the growing cohort of Indian fintech players heading for the public markets in 2025, alongside Groww and PhonePe . The planned offering follows its recent shift of domicile back to Labs was founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upadhyay. Initially a loyalty and card-based payments solution, the company pivoted in the late 2000s to focus on merchant Labs had confidentially filed for a US IPO in 2022, aiming to raise $500 million. However, it deferred the plan due to market by Peak XV Partners, Alpha Wave PayPal , and Vitruvian Partners , the company has steadily expanded into online payments, buy now, pay later (BNPL), account aggregation, and gift cards. It has used acquisitions such as Fave, Setu Mosambee , and Qwikcilver to fuel this Barnwal and Vidit Aatrey, founders, MeeshoMeanwhile, ecommerce marketplace Meesho could see the process of its redomiciling from the US to India conclude as early as this week, paving the way to file draft papers for its IPO this month, sources told Cayman Islands are emerging as a preferred destination for Indian software startups chasing global markets, offering greater flexibility in raising capital, whether from India or self-governing British Overseas Territory is a 'region of interest' for software-as-a-service (SaaS) companies scaling up their international ambitions. Venture capitalists are also nudging startups in this direction. Accel, a key investor in Freshworks, is among those encouraging firms to register in the tax-neutral destination, sources told recently, most SaaS firms opted to register in the United States, driven by the fact that much of their revenue came from American clients. Freshworks became the first Indian SaaS company to list on the US markets . Others like Chargebee, Icertis, and Innovaccer followed suit, incorporating in the with India becoming a more attractive market and a US listing increasingly out of reach, companies are exploring alternatives. 'You need to be at least $500 million ARR and still need to be growing 30-40%. It has just become nearly impossible currently,' Alok Goyal, partner at Stellaris Venture Partners, told several firms are considering relocating their domicile to India, despite the associated costs. InMobi, MoEngage, and CleverTap are among those in the process of Goel, CEO, CredgenicsDebt collection platform Credgenics reported a nearly three-fold increase in net profit to Rs 25 crore for the financial year 2024-25, thanks to lenders seeking more efficient mechanisms for recovery amid stress on unsecured loans and rising default is planning to invest $15 billion in Scale AI, bolstering its artificial intelligence (AI) talent pool and securing substantial returns for some early investors in both companies, according to The Information. Investors poised to benefit from the deal include Peter Thiel's Founders Fund, Chase Coleman's Tiger Global and venture capital firm manufacturing services company Zetwerk Electronics on Wednesday officially started work on setting up its manufacturing facility in Devanahalli, Bengaluru.■ WhatsApp joins legal challenge against UK demand for Apple 'back door' ( FT ■ AI is making health care safer in the remote Amazon ( Rest of World ■ Sam Altman thinks AI will have 'novel insights' next year ( TechCrunch
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Business Standard
11-06-2025
- Business
- Business Standard
Pine Labs CFO Marc Mathenz steps down ahead of $1 billion IPO listing
Marc Mathenz, Group Chief Financial Officer of Pine Labs, is set to leave the company in the coming weeks, Moneycontrol reported. His resignation comes at a critical juncture, as the fintech firm prepares to file its draft red herring prospectus (DRHP) ahead of a planned initial public offering (IPO) later this year. Based in Singapore, Mathenz has cited personal reasons for his departure, the report noted. He joined Pine Labs in 2021 and has since overseen group-level finance operations, playing a pivotal role in the company's expansion across the Asia-Pacific region. Mathenz had succeeded Sameer Maheshwary, who served as CFO for over six years before transitioning to a new role within the company. Maheshwary currently serves as Senior Vice President of Capital Markets, where he has led Pine Labs' capital-raising initiatives. According to a source cited by Moneycontrol, he has 'pretty much led all of the IPO work'. There is no official announcement yet on Mathenz's successor. Fintech targets $1 billion IPO in late 2025 Pine Labs aims to go public on Indian stock exchanges in the second half of 2025, with plans to raise around $1 billion through a mix of fresh capital and secondary share sales, Reuters reported earlier this year. Backed by Peak XV Partners, Pine Labs provides integrated payment solutions, including point-of-sale systems for merchants. It operates in the same sector as fintech heavyweights Paytm and PhonePe. Backers and valuation details Pine Labs was last valued at $5 billion after a 2022 funding round. Major investors include PayPal, Mastercard, and Singapore's Temasek. Chief Executive Officer Amrish Rau told Reuters that the company is broadening its revenue streams by developing technology solutions for banks, corporates, and other fintech firms.
Time of India
11-06-2025
- Business
- Time of India
Pine Labs, Meesho eye D-Street address; Rapido's food delivery outlook
Pine Labs, Meesho eye D-Street address; Rapido's food delivery outlook Want this newsletter delivered to your inbox? Also in the letter: Pine Labs gears up for Rs 5,000-6,000 crore IPO Why it matters: The details: IPO size: Rs 5,000-6,000 crore Rs 5,000-6,000 crore Target valuation: $4–5 billion (flat to last private round) $4–5 billion (flat to last private round) Bankers: Axis Capital, JP Morgan, Morgan Stanley, Citi, Jefferies Axis Capital, JP Morgan, Morgan Stanley, Citi, Jefferies FY24 revenue: Rs 1,743 crore (up around 10% YoY) Rs 1,743 crore (up around 10% YoY) FY24 loss before tax: Rs 339 crore (up around 50% YoY) Founding history: Adding context: Between the lines: Meesho to file draft IPO papers in coming weeks: Report Rapido will need to go all out to battle Zomato, Swiggy in food delivery, say brokerages Little impact: Measured response: Zoom out: Read our in-depth coverage of Rapido's food delivery entry: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Early investors await Meta-Scale deal windfall: Report Investors gains: Beneficiaries of the deal include Peter Thiel's Founders Fund, Tiger Global, and Accel. While the agreement is yet to be finalised, Meta is expected to pay $14-15 per share. Early backers, including Outlander VC, Y Combinator, and angel investors Greg Brockman and Nat Friedman, had reportedly invested at just 1–3 cents per share, according to Scale AI's Delaware charter. Tell me more: Meta is set to acquire a 49% stake in Scale. Most of the capital is expected to be used to pay dividends to shareholders, including current and former employees as well as venture investors. Once the deal closes, Scale AI's CEO Alexandr Wang and other employees are likely to join Meta's workforce. Also read: Google offers voluntary exit to US staff, including search and ad teams More details: In a memo, K&I head Nick Fox stated the VEP is intended for employees who are no longer 'energised' by their work or are struggling to meet expectations. Separately, some teams have asked employees living within 50 miles of a Google office to return to a hybrid work schedule. Previous round: Latest cuts: Liquid Glass meltdown as memes roast Apple for AI flops, stale tech Apple AI, iDud: All the hype: iPhone production slows but steadies in May at Rs 15,000 crore Looking back: Pine Labs plans to file its draft prospectus for its IPO by the end of June, while Meesho is likely to follow suit shortly after. This and more in today's ETtech Top 5.■ Scale AI investors' payday■ Google offers voluntary exit■ Liquid Glass meltdownAmrish Rau, CEO, Pine LabsPine Labs is preparing to file its draft IPO papers with Sebi by the end of June, according to people familiar with the matter, as the fintech firm targets a public listing later this move places Pine Labs among the growing cohort of Indian fintech players heading for the public markets in 2025, alongside Groww and PhonePe . The planned offering follows its recent shift of domicile back to Labs was founded in 1998 by Lokvir Kapoor, Rajul Garg and Tarun Upadhyay. Originally a loyalty and card-based payments solution, the company pivoted in the late 2000s to focus on merchant Labs had confidentially filed for a US IPO in 2022, aiming to raise $500 million. However, it deferred the plan due to market by Peak XV Partners, Alpha Wave PayPal , and Vitruvian Partners , the company has steadily expanded into online payments, buy now, pay later (BNPL), account aggregation, and gift cards. It has used acquisitions such as Fave, Setu Mosambee , and Qwikcilver to fuel this Meesho is planning to confidentially file for its IPO in the next few weeks, according to a Bloomberg report. The SoftBank-backed etailer is looking to raise $700–800 million from the public company converted into a 'public limited' entity from a 'private limited' one, ET had reported on June 10 . It is in the process of redomiciling to India from the will face an uphill task in attracting customers as it enters the food delivery space with a commission structure that undercuts larger rivals by half, according to brokerages. However, it may not need to spend heavily on brand building, given the groundwork already laid by incumbents Zomato and and Swiggy remain deeply entrenched within both the restaurant and customer base, and Rapido poses only a limited threat, Kotak Institutional Equities the rollout is currently limited to Bengaluru, Bernstein expects no material impact on overall market share.A rapid food delivery scale-up by Rapido, potentially driven by aggressive discounts, could dent the financials of Zomato and Swiggy. In turn, the incumbents are likely to respond cautiously to protect their margins, said Karan Taurani of Elara and Swiggy currently enjoy take rates that are well above those of their global peers, according to HSBC Research. Kotak expects this metric to remain steady given the sector's muted growth so, Rapido and other challengers are unlikely to pose a threat to the incumbents' take Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Zuckerberg-led Meta is finalising a deal to invest $15 billion in Scale AI, in a move that would significantly strengthen its AI talent pool and deliver significant returns for early investors in both companies, according to The has rolled out a voluntary exit programme (VEP) for employees in the US, as part of its efforts to trim overall headcount. The move involves 'buyout packages'—severance offers designed to encourage staff to leave on their own offer spans multiple divisions, including Knowledge and Information (K&I), which covers search and ads, as well as central engineering, marketing, research, and January, Google extended a similar offer to employees in its Platforms and Devices division, which includes Android, Pixel, and Chrome. By April, the company laid off hundreds of employees from the same last month, Google let go of 200 employees from its global business Glass, Apple's headline act at its 2025 developers' conference, quickly became the punchline as the iPhone maker skipped over any major AI Research analyst Angelo Zino called this year's flagship software event "a dud" on the AI front. Barclays, which hadn't expected much, still came away 'slightly disappointed.''This feels like what ChatGPT thinks people want from Apple,' one X user as the biggest visual overhaul in over a decade, the glass-like interface was meant to dazzle. Instead, concerns about readability and accessibility dominated the conversation. One user even compared it to Windows Vista's translucent interface – and not in a flattering India vendors produced iPhones worth over Rs 15,000 crore in May, according to two market research firms and industry data. Output dipped slightly from the breakneck pace of the previous two months, yet stayed well above the Rs 10,000–11,000 crore monthly average in slight slowdown comes as US President Donald Trump threatened to impose a 25% tariff on devices sold in the US but made overseas.
Mint
27-05-2025
- Business
- Mint
Finance minister Sitharaman calls for fintech innovation; highlights its role in MSME growth
Finance minister Nirmala Sitharaman highlighted the role of fintech innovation in the growth of digital public infrastructure in the country and the easing of access to financial services for small businesses during a visit to Pine Labs, a fintech firm based in Noida. Underscoring the growing role of fintech in the digital transformation of the economy, the minister reviewed innovations in prepaid instruments and digital tools supporting the delivery of welfare schemes, according to a series of posts on the social media platform 'X' by the minister's office. "We want every State to speed up on digitisation. We are also helping them in expediting it. While giving the 50-year interest-free loans to States for capital expenditure, we underline that we will incentivise States who get on to digitise their records at the earliest. So, we want digitisation to happen sooner and in every sector," a tweet from the minister's office quoted her as saying. During the visit, the minister also witnessed demonstrations by Pine Labs on innovative fintech solutions being developed around the account aggregator (AA) framework, a system that allows people to share their financial data across institutions. The minister's visit to the fintech enterprise comes in the context of the massive adoption of digital payments across the economy, including among small businesses and retailers, giving a strong boost to the formalisation of the economy. "Smt @nsitharaman visits the office of Pine Labs (@PineLabs), a digital Fintech company, in Noida. The Hon'ble FM interacted with the employees and staff there, acknowledging India's Fintech firms' contribution to expanding country's Digital Public Infrastructure (DPI) and in enabling seamless, secure and inclusive financial services for merchants and MSMEs," said another tweet. MSMEs refers to micro, small, and medium enterprises. Sitharaman witnessed demonstrations of the fintech firm's innovative solutions for prepaid instruments, the account aggregator framework, and digital services used in the Public Distribution System (PDS) and other government schemes and services. The government has been key in focusing on the digitisation of payments and financial services, and India has emerged as a hub of fintech solutions and innovations in the past few years, with several startups emerging in this space. In a February report, EY noted that India has positioned itself as a competitive fintech hub globally with the highest fintech adoption rate. "When compared to its peers and other FinTech hubs like UK, US, China, and Singapore, India scores high in regulatory and government support, funding, technological preparedness and entrepreneurial spirit," it said. The report noted that the Indian fintech ecosystem continues to evolve and that there are challenges to address, including regulatory concerns, data security, and low financial literacy among users. The EY report noted that the Indian fintech market is expected to expand by 30% to reach $180-200 billion by 2029, fuelled by rising income, awareness and digital infrastructure. "By transforming challenges into opportunities through innovation, India can leverage its FinTech potential to achieve its Viksit Bharat 2047 vision of becoming a developed nation," it said.
