← Embedded Finance Index 2026

Pine Labs

“Can India's leading in-store payments company become the embedded finance and credit infrastructure layer for merchants across Asia?”

Founded1998
HQNoida, Uttar Pradesh, India (corporate); Gurgaon, Haryana, India (registered)
FoundersLokvir Kapoor, Rajul Garg
Latest roundIPO (November 2025)
Valuation~$2.9B (IPO, Nov 2025); previously >$5B (2022 private round)
IndustryInfrastructure / Payments
The story

Founded in 1998 as a petroleum retail automation business, Pine Labs pivoted in 2004 to merchant payments with Android-based POS terminals, becoming the dominant in-store payments player in India. The 2019 Qwikcilver acquisition extended the franchise into prepaid/gift card issuance, and the company has since layered online payments (Plural), embedded credit on UPI, and fintech infrastructure APIs (issuance, KYC, account aggregator) for banks and NBFCs. The 2025 IPO at a haircut to its 2022 private valuation reframes Pine Labs from a domestic POS leader into a pan-Asia merchant-commerce and embedded-finance infrastructure provider.

Last 12 months
2025-11
2025-11
Product timeline
1998
Founded; initially provided petroleum retail automation services.· founding
2004
Pivoted into mainstream merchant payments, selling POS terminals.· pivot
2019
Acquired Qwikcilver Solutions, expanding into prepaid/gift card issuance.· acquisition
2022
Reached >$5B valuation in private funding round (backed by PayPal, Mastercard).· funding
2025
Listed on NSE (PINELABS) and BSE at ~$2.9B valuation via IPO.· ipo
Regulated entities
1
regulatory licence held by Pine Labs
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in Pine Labs’s embedded-finance stack
Payments / PSP
Pine Labs POS (self-operated)Plural by Pine Labs (self-operated payment gateway)Pine Labs Online (self-operated)
Card issuing
in the full report
Lending
in the full report
Open banking
in the full report
FX & payouts
in the full report
Accounting
in the full report
Accounting gap: minor
8 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.