Pine Labs acquires D2C SaaS startup Shopflo for Rs 88 Cr

Fintech company Pine Labs has acquired Bengaluru-headquartered SaaS startup Shopflo for a cash consideration of Rs 88 crore.

Founded in 2021 by Priy Ranjan, Ankit Bansal and Ishan Rakshit and backed by the likes of Tiger Global, Shopflo has built a checkout platform for the D2C segment and also offers ecommerce enablement services.

The acquisition will help Pine Labs offer an end-to-end platform for D2C merchants, spanning in-store payments, online checkout and conversion optimisation, growth tools, and consumer engagement and retention capabilities.

Shopflo reported a revenue of Rs 14.73 crore for FY25. Its technology platform is used by over 1,000 ecommerce brands and connects over 60 million customers. Brands using Shopflo have seen 15–20% improvements in conversion rates, according to a statement.

Pine Labs CEO Amrish Rau said, “Commerce today is no longer defined by channels—merchants need a single, intelligent platform that can power both their offline and online journeys. With the acquisition of Shopflo, we are taking a decisive step toward building a truly full-stack payments and commerce platform.”

According to Pinelabs, its online payments revenue grew over 50% on a year-on-year basis at the end of the third quarter of FY26, expanding presence across new categories such as hospitality, diagnostics, and fitness.

“We built Shopflo to solve one of the most critical challenges in e-commerce — improving conversion and customer experience at checkout. Joining forces with Pine Labs allows us to take our capabilities to a much larger merchant base and create a unified commerce ecosystem that delivers measurable growth," said Priy Ranjan, Co-founder and CEO, Shopflo Technologies.

Pine Labs believes the next chapter of online commerce in India will not be determined by payment gateways but will be played out at the intersection of infrastructure, intelligence, and experience.