Pine Labs

Corporate brand

Indian fintech company providing merchant payment infrastructure, point-of-sale systems, and related financial technology services.

Last updated August 31, 2026

AI crawler reads

No AI crawler has read this profile since Oct 28, 2026.

Overview

Pine Labs is an Indian multinational financial technology company headquartered in Noida, Uttar Pradesh. Its core business is merchant commerce infrastructure: the company supplies point-of-sale systems, payment acceptance technology, digital checkout capabilities, and software-enabled financial services for retailers and other businesses. Its Android-based POS devices are designed to support card and digital-payment transactions while also enabling additional merchant services through an integrated platform. Founded in 1998 by Lokvir Kapoor and Rajul Garg, Pine Labs did not begin as a conventional payments company. Its early business focused on automation services for petroleum retailers. The company later shifted toward mainstream payments and merchant financial services, entering the broader payments market in 2004 and developing a business centered on POS terminals and merchant technology. This transition placed Pine Labs within the expansion of electronic payments and organized retail in India. The company’s platform has subsequently expanded beyond basic transaction processing. Its offerings have included POS hardware, payment acceptance, payment gateways, gift cards, merchant loyalty and rewards tools, consumer deals and cashback capabilities, and financial products such as merchant credit and other embedded-finance services. The acquisition of Qwikcilver strengthened its position in gift cards and stored-value commerce, while the acquisition of Fave added a Southeast Asian deals and cashback platform and broadened Pine Labs’ consumer-commerce capabilities. Pine Labs has formed partnerships with international and regional financial technology companies, banks, payment networks, and digital-payment providers. These have included collaborations with Google Pay, UnionPay, Mastercard, PayPal, and RAKBANK. Its international footprint has particularly included India, the United Arab Emirates, Malaysia, and other Southeast Asian and Middle Eastern markets. The business model combines payments infrastructure with software and financial services intended to increase merchant engagement and transaction value. Pine Labs has remained privately held while attracting substantial late-stage investment from institutional and strategic investors. It confidentially filed for a potential United States initial public offering in 2022, although the company was not publicly listed in the supplied reference material. Corporate restructuring has also included actions involving its Singapore and Indian entities, including approval to dissolve its Singapore branch and subsequent approval for a planned merger of Indian and Singaporean entities. The company operates in a competitive fintech environment alongside payment processors, acquiring banks, POS providers, digital-wallet companies, and merchant-software platforms. Its positioning is that of an integrated merchant-commerce platform rather than a standalone card-terminal vendor: payment acceptance is the foundation, while software, rewards, gift cards, credit, and other financial services extend the relationship with retailers.

History

Pine Labs was established in 1998 by Lokvir Kapoor and Rajul Garg. Its original business provided automation services for petroleum retailers, giving the company experience in managing technology and transaction workflows in a large, distributed merchant environment. It later changed direction toward payments and financial technology for merchants. In 2004, Pine Labs entered mainstream payments and financial offerings. Its business increasingly focused on point-of-sale terminals and systems that allowed retailers to accept card payments. As digital payments expanded in India, the company developed Android-based POS devices and associated software capable of supporting a wider range of merchant services than conventional card terminals. Pine Labs expanded through partnerships and acquisitions. In 2018, it partnered with Google Pay on offline payments in India and raised capital from Actis Capital and Altimeter Capital, followed by an investment round involving Temasek Holdings and PayPal. In 2019, it partnered with UnionPay and RAKBANK, the latter collaboration supporting a payment platform in the United Arab Emirates. That year it also agreed to acquire Qwikcilver, an Indian provider of gift-card solutions, strengthening its position in stored-value and digital-gifting commerce. The company continued raising institutional capital in 2020 and 2021. It received investment from Mastercard and later raised additional funding led by Lone Pine Capital, followed by a larger round involving Fidelity and BlackRock. In 2021, Pine Labs acquired Fave, a Southeast Asian deals and cashback platform. Fave’s founders continued working with the business after the transaction, and the acquisition broadened Pine Labs’ exposure to consumer rewards, merchant offers, and regional commerce services. Pine Labs also faced a cybersecurity incident in August 2021. Reports described a data breach affecting information associated with as many as 500,000 users. This incident became a notable risk event in the company’s history because its platform handles payment and merchant-related data. In January 2022, Pine Labs confidentially filed for a potential U.S. initial public offering. The filing indicated an intention to access public capital markets, but the company remained private in the supplied reference material. Pine Labs subsequently undertook corporate restructuring involving its Singapore and Indian entities. In May 2024, the Singapore Court approved dissolution of its Singapore branch, and in August 2024 the National Company Law Tribunal approved the planned merger of its Indian and Singaporean entities. Pine Labs’ business has evolved from petroleum-retail automation into a broader merchant-commerce platform. Its present scope includes POS hardware, payment processing and acceptance, gift cards, loyalty and cashback products, merchant software, and financial services. Its principal geographic base remains India, with operations and commercial activity also reported in the United Arab Emirates, Malaysia, Southeast Asia, and the Middle East.

2024
Singapore and India corporate restructuring
[1]Pine Labsen.wikipedia.org
Pine Labs receives approval to dissolve its Singapore branch and later receives approval for a planned merger of its Indian and Singaporean entities.
2022
Confidential U.S. IPO filing
[1]Pine Labsen.wikipedia.org
The company confidentially files for a potential initial public offering with the U.S. Securities and Exchange Commission.
2021
Fave acquisition
[1]Pine Labsen.wikipedia.org
Pine Labs acquires Southeast Asian deals and cashback platform Fave.
2019
Qwikcilver acquisition agreement
[1]Pine Labsen.wikipedia.org
Pine Labs agrees to acquire Qwikcilver, expanding its gift-card and stored-value commerce capabilities.
2018
Google Pay partnership and major funding rounds
[1]Pine Labsen.wikipedia.org
Pine Labs partners with Google Pay for offline payments in India and raises capital from Actis Capital, Altimeter Capital, Temasek Holdings, and PayPal.
2004
Entry into mainstream payments
[1]Pine Labsen.wikipedia.org
Pine Labs expands into payment products and financial offerings for merchants.
1998
Pine Labs is founded
[1]Pine Labsen.wikipedia.org
Lokvir Kapoor and Rajul Garg establish Pine Labs, initially providing automation services for petroleum retailers.

Products and positioning

An integrated merchant-commerce and fintech platform combining payment acceptance, POS technology, merchant software, rewards, gift cards, and financial services.

Point-of-sale and payment acceptance
Pine Labs POS
Pine Labs’ POS systems enable retailers and other merchants to accept card and digital payments. The company’s Android-based terminals are designed as software-enabled devices, allowing payment acceptance to be combined with additional merchant applications and services rather than limiting the hardware to a single transaction function.
Merchant payment platform
Plutus
Plutus is associated with Pine Labs’ merchant payment and commerce technology offering. It supports the company’s broader model of connecting retailers to payment acceptance and related financial or software services through an integrated merchant platform.
Gift cards and stored-value commerce
Qwikcilver
Qwikcilver provides gift-card and stored-value solutions for merchants and consumers. Pine Labs’ acquisition of the business expanded its product portfolio beyond payment acceptance into digital gifting, prepaid value, and related retail commerce use cases.
Deals, cashback, and consumer rewards
Fave
Fave is a Southeast Asian deals and cashback platform acquired by Pine Labs in 2021. It connects consumers with merchant offers and rewards, adding a consumer-engagement layer to Pine Labs’ merchant payment and commerce ecosystem.

Controversies

2021
Pine Labs data breach
Pine Labs suffered a reported data breach in August 2021. Public descriptions stated that data associated with up to 500,000 users was exposed to hackers. The incident highlighted cybersecurity and data-protection risks connected with a fintech platform handling payment and merchant information.
Source
2021
Pine Labs faces an alleged data breach
Cyble reportedly disclosed that a ransomware hack allegedly exposed more than 50,000 unique records associated with Pine Labs. Pine Labs denied that a data breach had occurred and said it was investigating the source of the information.
Source

2024
Indian and Singaporean entity restructuringStrategy
Background
Pine Labs undertook a corporate reorganization involving its Singapore and Indian entities.
Action taken
The company received approval to dissolve its Singapore branch and later obtained approval for a planned merger of its Indian and Singaporean entities.
Aftermath
The approvals enabled the planned consolidation of the relevant corporate structure.
Source
2022
Confidential initial public offering filingOther
Background
Pine Labs remained privately held while pursuing additional growth capital and considering access to public markets.
Action taken
The company confidentially filed for a proposed U.S. initial public offering with the Securities and Exchange Commission.
Aftermath
The supplied reference material does not establish that the offering was completed; Pine Labs remains classified here as private and unlisted.
Source
2021
Acquisition of FaveM&A
Background
Pine Labs aimed to broaden its Southeast Asian footprint and add consumer deals and cashback capabilities.
Action taken
Pine Labs acquired Fave, while Fave’s co-founders continued working with the company.
Aftermath
The acquisition expanded Pine Labs’ exposure to merchant offers, consumer rewards, and Southeast Asian commerce.
Reported acquisition value. US$45 million (April 2021)
Source
2019
Agreement to acquire QwikcilverM&A
Background
Pine Labs sought to extend its merchant platform beyond payment acceptance into gift cards and stored-value commerce.
Action taken
The company announced a definitive agreement to acquire Qwikcilver.
Aftermath
The transaction added gift-card capabilities to Pine Labs’ merchant and consumer-commerce portfolio.
Source
2004
Shift into mainstream merchant paymentsStrategy
Background
Pine Labs began as a provider of petroleum-retail automation services and subsequently pursued a broader payments and merchant-finance opportunity.
Action taken
The company entered mainstream payments and financial offerings for merchants, building its business around POS terminals and related services.
Aftermath
This strategic change became the foundation for Pine Labs’ later merchant-commerce and fintech platform.
Source

Recent events

2021-12-01
Zebrs partners with Plural by Pine Labs[4]Zebrs与Pine Labs旗下Plural合作business-standard.com
Reported: 2021-12-01
India-based shopping platform Zebrs joined hands with Plural by Pine Labs to facilitate better online checkout; Pine Labs said it would power the Zebrs Online EMI Store with Plural.
2021-08-11
Pine Labs faces an alleged data breach[3]Pine Labs faces an alleged data breachinc42.com
Reported: 2021-08-18
Cyble reportedly disclosed that a ransomware hack allegedly exposed more than 50,000 unique records associated with Pine Labs. Pine Labs denied that a data breach had occurred and said it was investigating the source of the information.
2021-07-06
Pine Labs announces $600 million investment round[5]Pine Labs 宣布 6 亿美元融资inc42.com
Reported: 2021-07-06
Pine Labs announced a $600 million investment round involving new investors and other participants. The investment is subject to approval from India's Securities and Exchange Board.
2021-04-14
Pine Labs announces acquisition of Fave[6]Pine Labs宣布收购Favenewindianexpress.com
Reported: 2021-04-14
Pine Labs announced the acquisition of fintech startup Fave for $45 million. The article says Fave would be rolled out in India soon and that the acquisition would enable Indian consumers to transact at Pine Labs-powered merchant locations.
2021-04-13
Pine Labs acquires Fave[7]Pine Labs收购Favetechcrunch.com
Reported: 2021-04-13
Pine Labs said it had acquired Southeast Asian startup Fave in a deal valued at $45 million. Pine Labs said the acquisition would help it strengthen its consumer-focused offerings in domestic and international markets.
2021-01-27
Pine Labs launches AllTap payment acceptance app[8]Pine Labs 推出 AllTap 支付受理应用business-standard.com
Reported: 2021-01-27
Pine Labs launched the AllTap app, which enables merchants to use an NFC-enabled smartphone as a payment acceptance device.
Unconfirmed
Pine Labs raises funding from Lone Pine Capital[9]Pine Labs获得Lone Pine Capital新一轮投资thehindubusinessline.com
Reported: 2020-12-21
Pine Labs raised an undisclosed amount of funding from US-based hedge fund Lone Pine Capital, with the company valued at more than $2 billion following the investment.
2020-11-19
ICICI Bank launches Cardless EMI[10]ICICI Bank推出无卡分期付款服务businesstoday.in
Reported: 2020-11-19
ICICI Bank launched a digital EMI facility in partnership with Pine Labs, allowing pre-approved customers to make instalment purchases using a mobile number, PAN and OTP instead of a card or digital wallet.
2020-03-03
Pine Labs appoints Amrish Rau as CEO[11]Pine Labs任命Amrish Rau为首席执行官business-standard.com
Reported: 2020-03-03
Pine Labs said it appointed Amrish Rau as its chief executive officer, replacing Vicky Bindra.
2020-01-30
Pine Labs announces Paper PoS launch[12]Pine Labs 宣布推出 Paper PoSthehindubusinessline.com
Reported: 2020-01-30
Pine Labs announced the launch of Paper PoS, a merchant solution for accepting multiple forms of UPI and Bharat QR payments through a single merged static QR at the point of sale.

Sources18 sources

Cite this profile: Cite the canonical profile. /brand-wiki/pine-labs · Editorial policy · How profiles are compiled