**Fintech Giant Pine Labs Eyes Mid-November Listing with $700 Million IPO**
*By Dwaipayan Roy | Oct 13, 2025*
Pine Labs, a leading fintech company backed by Peak XV, is preparing for an initial public offering (IPO) scheduled for mid-November. Sources close to the matter revealed to Livemint that the company’s $700 million IPO is expected to open during the first week of November, with a tentative listing date between November 10 and 15. “The bankers are preparing accordingly,” one insider noted.
**Valuation and Investor Backing**
Pine Labs aims for a valuation of around $6 billion with this IPO, a notable increase from its last valuation of approximately $5 billion in early 2022. The company boasts a strong investor base including Temasek, Peak XV, Sofina, and Alpha Wave.
This move comes as other new-age companies like Groww and Lenskart are also gearing up to enter the public markets around the same period.
**Impressive Financial Growth**
The Securities and Exchange Board of India (SEBI) gave Pine Labs the green light for its IPO last month. The company demonstrated significant financial progress, reporting revenue of ₹1,344 crore in FY24, up from ₹933 crore in FY22.
Moreover, Pine Labs turned profitable in the first nine months of FY25, posting a net profit of ₹26 crore. This marks a major turnaround from a loss of ₹151.6 crore during the corresponding period last year.
**Evolution from Startup to Fintech Powerhouse**
Founded in 1998 by Lokvir Kapoor, Tarun Upadhyay, and Rajul Garg, Pine Labs originally offered card-based payments and loyalty solutions for the retail petroleum sector. Over time, it pivoted towards point-of-sale (PoS) technology and evolved into a full-stack fintech company.
To date, Pine Labs has raised over $1 billion from prominent investors such as Peak XV Partners, Temasek, PayPal, Mastercard, and Fidelity.
**Future Plans and Strategic Focus**
The proceeds from the IPO will be channeled toward enhancing Pine Labs’ payments infrastructure, expanding credit offerings, and accelerating product development.
Key growth strategies include targeting mid-market and UPI-first merchants, expanding operations across Southeast Asia and West Asia, and pursuing further acquisitions. The company also plans to strengthen its credit-at-checkout solutions and digitize bank-led merchant onboarding processes.
Pine Labs’ upcoming IPO marks a significant milestone in its journey as it positions itself to play an even more pivotal role in the rapidly evolving fintech ecosystem.
https://www.newsbytesapp.com/news/business/pine-labs-ipo-likely-to-open-in-mid-november/story
