Pine Labs

Company Profile

Business Overview(1) Select Customers(3)

• Pine Labs offers cloud-based point-of-sale payments solutions that allow merchants to accept offline
and online retail payments including credit and debit card payments, e-wallets, QR (quick response)
codes and unified payments interface (UPI). The company was founded in 1998 and is headquartered
in Noida, UP, India, with 11 other offices across India and international offices in Malaysia and Dubai

• Pine Labs offers a merchant platform including online payment and loyalty platforms
 The company's payments platform enables online and offline retail transactions including
processing of easy monthly installments (EMI) transactions across banks, tenures and
product categories using a single point of sale (POS) terminal, enabling retailers to acquire
and engage customers, simplify payment acceptance while creating business opportunities
 The company also has a Pay Later platform which currently has 35 credit providers such as
IDFC Capital First, Zest Money, ICICI Bank and others
 The company claims that its cloud-based platform powers over 3.5 lakh PoS (point of sale)
terminals across 3,700 cities and towns in India and Malaysia with industries including
lifestyle, auto, healthcare, hospitality, grocery, and electronics

• Its investors include Sequoia Capital, LonePine, PayPal, Temasek, Actis Capital and Altimeter Capital
 Till date, the company has raised $138.2 Mn in seven funding rounds from nine investors

• In March 2019, the company acquired a gifting startup Qwikcilver for $110 Mn

Products and Services(2) Financial Overview (in ₹ Cr)(4)

• Pine Labs offers 360-degree payment solutions including: ₹ 1,000.0
₹ 765.6
₹ 800.0 ₹ 701.6 • Pine Labs saw its revenue grow 43%, from ₹
491.29 Cr in FY19 to ₹ 701.62 Cr in FY20
₹ 600.0 ₹ 491.3 ₹ 490.9
• The company’s expenses grew by 56%, from
₹ 400.0 ₹ 490.86 Cr in FY19 to ₹ 765.61 Cr in FY20
₹ 200.0 • The company’s net loss increased by
₹ -3.3 ₹ -57.7
In-Store Online Omnichannel ₹-
1,654%, from ₹ 3.29 Cr in FY19 to ₹ 57.72 Cr
in FY20
Revenue Total Expenses Profit/Loss
All major payment modes Online payment modes In-Store and online both ₹ -200.0
FY2019 FY2020
Sources: (1) Company Website, LinkedIn, Pitchbook, Craft, Mint, Inc42 (2) Company Website (3) Company Website (4) Inc42
Pine Labs
Company Profile Continued

Management(1)
Amrish Rau - Chief Executive Officer Sameer Maheshwary - Chief Financial Officer
Mr. Rau is currently serving as the CEO at Pine Labs. His past experiences Mr. Maheshwary is currently serving as the CFO at Pine Labs. His major past
includes GM at NCR Corporation, CEO at First Data Merchant Solutions Asia, experiences includes Co-CEO at SBI Card (Credit Card JV between GE Capital
and Co-Founder & MD at PayU India where he was also responsible for & State Bank of India), he was then promoted to the CFO position at GE,
investing and growing the fintech portfolio for PayU and then he also served as CFO of Zomato

Education: BE Education: MBA – Alliance Manchester Business School and BE – DCE, Delhi

Nitish Asthana - President & Chief Operating Officer Sanjeev Kumar - Chief Technology Officer
Mr. Asthana is currently serving as the President and COO at Pine Labs. His Mr. Kumar is currently serving as the CTO at Pine Labs. His past experiences
major past experiences includes SVP at Bharti AXA Life, Director at MetLife, includes Software Engineer at Infosys, Tech Lead at Induslogic Inc. and then
Independent consulting, and MD of India and SL at First Data Corp he joined Pine Labs as an Technical Architect and was eventually promoted
to the CTO
Education: PGDM – IIM, Lucknow and B.Com (Hons.) – SRCC, Delhi
Education: B. Tech – IIT, Kharagpur

Key News and Recent Funding(2) Key Competitors(3)

• In March 2018, the company raised $82 Mn (₹ 530 crores) from Actis Capital, a private equity fund
and Altimeter Capital, a California-based investment company
• In May 2018, Pine Labs raised $125 Mn (₹ 843 crores) from Temasek Holdings and PayPal, making it
one of the unicorn startup companies with a valuation of over $1 Bn
HQ: Noida, Uttar Pradesh HQ: Mumbai, Maharashtra HQ: Bengaluru, Karnataka
 As of May 2018, the company raised a total of $208 million
Employees: 5,000 Employees: 3,500 Employees: 300
• In December 2020, Pine Labs raised a fresh round of funding of $75-$100 Mn from Lone Pine
Capital at a valuation of over $2 Bn
• In Jan 2020, the company announced it had raised an undisclosed sum from MasterCard making the
company India's first unicorn in 2020
• It also recently launched ‘AllTap’ app, which enables merchants to accept payments through NFC- HQ: Bengaluru, Karnataka HQ: Bengaluru, Karnataka HQ: New Delhi, Delhi
enabled smartphone via debit and credit cards without swiping the cards on the PoS machines Employees: 850 Employees: 500 Employees: 2,000

Sources: (1) LinkedIn: Amrish Rau, Nitish Asthana, Sameer Maheshwary, Sanjeev Kumar (2) Tech Crunch, WSJ, Business Today, ET, TechInAsia, ET, ET (3) Owler, Business Insider