Pine Labs is going public this week at a $2.9 billion valuation - nearly 40% below its 2022 peak - while betting big on taking Indian fintech innovation global. The PayPal and Mastercard-backed startup already operates in 20 countries and sees international expansion as its next growth frontier, even as it trims its IPO size amid challenging market conditions.
Pine Labs, the Indian fintech that's been quietly building a merchant payments empire across 20 countries, is making its public debut this week with a reality check on valuations and a bold bet on global expansion.
The Gurugram-based company set its IPO price band at ₹210-₹221 ($2.00-$2.50) per share, valuing the business at approximately $2.9 billion. That's a steep 40% drop from its last private valuation of over $5 billion in 2022, reflecting the broader correction in fintech valuations that's swept through global markets.
But CEO Amrish Rau isn't dwelling on the markdown. Instead, he's positioning Pine Labs as India's answer to global fintech domination. "What we have done in fintech in India, no other country has been able to do anything close to that," Rau told reporters Monday. "We have the opportunity to take this IP knowledge, the technology stack that we have developed, and make it global."
The numbers back up his confidence. Pine Labs' international revenue surged 58% between 2023 and 2025, now accounting for 15% of total revenue at ₹943.25 million ($11 million). The company processes over six billion transactions annually worth ₹11.4 trillion ($128 billion), serving nearly one million merchants across markets from Malaysia to the UAE to the U.S.
PayPal and Mastercard are among the high-profile backers selling shares in the offering, alongside Peak XV Partners and Temasek Holdings. But here's the twist - investors actually chose to sell fewer shares than originally planned. Pine Labs cut its offer for sale by 44% to 82.3 million shares, suggesting existing shareholders want to ride the global expansion story.
"When it came to the pricing of this IPO, we were very clear that we want to continue to garner goodwill," Rau explained. "It takes a village to come together to create a successful IPO." Translation: they're prioritizing long-term relationships over maximizing short-term proceeds.
Pine Labs has come a long way since its 1998 founding as a point-of-sale terminal company. Today, 70% of revenue comes from digital infrastructure and transaction services, while 30% flows from issuing and acquiring businesses. The company turned profitable in Q1 2025, posting ₹47.86 million in net profit compared to a ₹278.89 million loss the year prior.
The timing couldn't be better for Indian fintech's global ambitions. The company recently relocated its headquarters from Singapore back to India, tapping into the country's massive retail investor base and aligning with the government's push to build globally competitive fintech offerings. It's part of a broader trend of Indian startups bringing operations home to access domestic capital markets.
Pine Labs faces stiff competition at home from the likes of Razorpay, Paytm, and Walmart-owned PhonePe. But internationally, it's carving out a unique position as the Indian fintech that actually cracked the code on cross-border expansion. The company's international business grew from ₹795.97 million to ₹943.25 million year-over-year in the latest quarter.
The IPO comes as a wave of Indian tech companies prepare to go public. Groww, Lenskart, Shadowfax, Meesho, and BoAt are all expected to launch offerings this year, creating what some analysts call India's most significant tech IPO cycle since the dot-com boom.
For Pine Labs, the public listing isn't just about raising capital - it's about validation for the Indian fintech model on the global stage. With operations spanning from Southeast Asia to Africa to North America, the company is positioning itself as proof that Indian innovation can compete worldwide.
Pine Labs' IPO represents more than just another fintech going public - it's a test case for whether Indian innovation can truly scale globally. By accepting a lower valuation to ensure strong investor support and focusing on international expansion over short-term fundraising, the company is betting that sustainable growth trumps headline-grabbing valuations. With international revenue growing 58% and operations in 20 countries, Pine Labs might just prove that the next wave of global fintech leaders won't come from Silicon Valley or London, but from the streets of Gurugram.
