Pine Labs, a leading merchant commerce platform, has demonstrated remarkable growth, achieving a revenue milestone of Rs 1,588 crore in the fiscal year ending March 2023, marking a substantial 56.15% surge from Rs 1,017 crore in FY22.
According to Entrackr, citing Pine Labs' consolidated financial filings in Singapore, the company witnessed a notable reduction in losses, decreasing by 12.3% to Rs 227 crore in FY23 compared to Rs 259 crore in FY22.
In the past two fiscal years, Pine Labs, supported by Peak XV Partners, expanded its operational scale significantly, experiencing a twofold increase from Rs 726 crore in revenue in FY21.
Employee benefit expenses accounted for 45% of the overall expenditure during FY23.
Headquartered in Singapore, Pine Labs has received backing from prominent investors such as Actis Capital, Temasek, PayPal, and Mastercard.
Recently, Pine Labs unveiled 'Mini,' a novel QR and card acceptance device, anticipated to cost nearly one-third of a standard point of sale (PoS) terminal. This QR-first and card tap contactless payment device is specifically designed for small and medium enterprises (SMEs), aiming to further catalyze the adoption of digital payments across India.
Navnit Nakra, Pine Labs' Chief Revenue Officer, highlighted the significance of QR-based and card tap payments for the dynamic Indian consumer. Nakra, who joined Pine Labs from the global smartphone brand OnePlus in August, emphasized the importance of a swift checkout experience and the removal of cost barriers in point-of-sale digitization for merchants.
Pine Labs has been instrumental in driving India's digital payment revolution, consistently delivering innovative payment solutions to address merchants' omnichannel requirements.
In a significant move earlier this year, Pine Labs collaborated with ICICI Bank to announce the acceptance of digital rupee on its point-of-sale (PoS) terminals, reinforcing its commitment to advancing digital transactions
(With Agency Inputs)
ALSO READ | Piramal Plans Adjustment of Rs 3,164 Crore AIF Exposure to Adhere to New RBI Directive
