Pine Labs, a fintech unicorn based in Uttar Pradesh, India, plans to file its Draft Red Herring Prospectus (DRHP) with SEBI by the end of June 2025 to raise up to $700 million through an IPO. Backed by Peak XV Partners and founded in 1998, the company offers point-of-sale and payment solutions. As it prepares for its public listing, Pine Labs faces internal leadership changes with the resignation of CFO Marc Mathenz.
Noida-based fintech startup Pine Labs, a leading provider of point-of-sale and digital payment solutions, is reportedly set to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by the end of June. Backed by investors including Peak XV Partners, Temasek, Mastercard, and PayPal, the fintech unicorn aims to raise between INR 5,000 Cr (approx. $585 Mn) and INR 6,000 Cr (approx. $700 Mn) through its IPO.
This offering could value the company between $4 billion and $5 billion—marking a 25% discount from its 2022 valuation of $5 billion. The public listing is expected toward the end of 2025, contingent on favorable market conditions.
Ahead of this strategic move, Pine Labs’ Group CFO Marc Mathenz has resigned, citing personal reasons. Mathenz, who joined the company in 2021 and oversaw its Asia-Pacific expansion, will exit in the coming weeks. Though a successor has not been named, Senior VP Sameer Maheshwary is reported to be leading IPO-related activities.
Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs has evolved into one of India’s foremost fintech firms, facilitating merchant payments, rewards, and EMIs across its vast PoS network. To date, the startup has raised over $1.6 billion in funding.
In FY24, the company’s net loss widened by 233% to INR 187.2 Cr from INR 56.1 Cr in FY23, while revenue saw modest growth, increasing by 2.2% to INR 1,309.6 Cr.
Pine Labs’ IPO journey formally began in 2024 when it initiated re-domiciliation to India. In September that year, it appointed Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies to lead its IPO. The fintech also underwent a legal transformation, converting into a public limited company and adding independent directors Amrita Gangotra and Smita Chandramani Kumar to its board in March 2025.
This move places Pine Labs among several Indian startups like Meesho, Wakefit, Lenskart, and Groww that are transitioning toward the public markets in 2025.
