TechCrunch Startup News Pine Labs aims to take Indian fintech global even as it cuts valuation for IPO
Nov 3, 2025
Pine Labs is making waves as it prepares for its IPO, slashing its valuation by 40%. CEO Amrish Rao discusses strategic shifts towards wider fintech services, tapping into sales beyond just point-of-sale systems. With operations in 20 countries, Pine Labs is eyeing global expansion, projecting impressive international revenue growth of 58%. The competitive landscape is heating up as it compares itself to other fintech giants. Amidst a bustling Indian IPO scene, Pine Labs aims to leverage its expertise on a global stage.
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Downsized IPO To Preserve Goodwill
- Pine Labs is pricing its IPO at a valuation about 40% below its last private round to maintain investor goodwill.
- The company also cut primary and offer-for-sale portions to balance investor retention and market reception.
Shift From Hardware To Fintech Stack
- Pine Labs transformed from POS terminals to a broader fintech stack offering bill payments, account-aggregator transactions, and more.
- About 70% of revenue now comes from digital infrastructure and transaction services, not hardware.
Scale And Revenue Mix
- Pine Labs serves nearly 1M merchants and powers over 6 billion transactions valued at $128B cumulatively.
- Its overseas business contributed about 15% of quarterly revenue, showing room to scale internationally.