Pine Labs FY23 revenue surges 56% to Rs 1,588 crore, losses dip marginally

economictimes.indiatimes.com:

Pine Labs reported a total revenue of Rs 1,588 crore in the financial year ended March 31, 2023, up 56% from a year ago. Its overall losses dipped marginally to Rs 227 crore, down from Rs 259 crore in the previous financial year, data sourced from business intelligence platform Tracxn showed.

Pine Labs largely deploys point of sales (PoS) terminals at retail merchant outlets. It has recently expanded into online ecommerce payments through its gateway solutions platform Plural.

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In May, Pine Labs chief executive officer Amrish Rau told ET that the company had reported a Rs 1,600 crore revenue last year, clocking positive Ebitda (earnings before interest, taxes, depreciation and amortisation).

Amid the larger reset in the technology market, Pine Labs, which was looking to list in the US and had filed IPO papers in 2022, withdrew its plan. Rau told ET earlier this year that the prevailing public market conditions were not suited for an IPO.

Pine Labs was last valued at $5 billion in 2022, when it hadraised $50 million from private equity major Vitruvian Partners.

The company, founded in 1998, shifted gears to compete with large fintech startups like Paytm and Razorpay with Rau in the corner office. Between 2020 and 2023, the company raised more than a billion dollars in equity money from a bunch of major global investors.

It expanded its scope of operations through a bunch of acquisitions from Qwikcilver to get into the gift card and loyalty