Pine Labs secures all three RBI payment licences
These licenses allow Pine Labs to offer payment acceptance and settlement solutions across online and offline channels while facilitating cross-border payments for merchants.
IPO-bound Pine Labs has secured key regulatory approvals from the Reserve Bank of India (RBI) across multiple payment aggregator categories, marking Pine Labs as the only player authorised across all three aggregator verticals.
According to the RBI’s list of authorised entities, Pine Labs Limited (formerly Pine Labs Private Limited), headquartered in Gurugram, Haryana, received the Payment Aggregator–Online (PA-O) licence for its digital payments arm, Pine Labs Online, in May this year.
The company has also been granted approvals under Payment Aggregator–Physical (PA-P) and Payment Aggregator–Cross Border (PA-CB) categories—covering both inbound and outbound transactions.
Pine Labs also holds a Prepaid Payment Instruments (PPI) authorisation from the RBI, granted in 2017, allowing it to issue and operate stored-value wallets and gift cards.
The approvals allow Pine Labs to continue offering its suite of payment acceptance and settlement services across online and offline channels while facilitating international transactions for merchants. These approvals from RBI mark a major milestone in Pine Labs' evolution from a point-of-sale (PoS) provider to a full-stack digital payments player.
The initial public offering (IPO) of Pine Labs closed with strong demand from institutional and retail investors. As of 5 p.m. on Tuesday, investors bid for 24.09 crore shares against 9.79 crore on offer, translating to an overall subscription of 2.46 times.
The Gurugram-based firm has fixed a price band of Rs 210–221 per share. The IPO comprises a fresh issue of Rs 2,080 crore and an offer for sale (OFS) of up to 82.34 million shares by existing shareholders.
Pine Labs is seeking a post-issue valuation in the range of Rs 24,217 crore ($2.7 billion) to Rs 25,377 crore ($2.8 billion).
Funds from the fresh issue will be used to repay certain borrowings and invest in Pine Labs’ overseas subsidiaries—including Qwikcilver Singapore, Pine Payment Solutions (Malaysia), and Pine Labs UAE—as well as to strengthen IT and cloud infrastructure. Of this, Rs 532 crore will go toward debt repayment, and Rs 769 crore will be earmarked for technology expansion.
Edited by Megha Reddy