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Pine Labs IPO
Pine Labs
Pine Labs IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| To be announced | -- | -- | -- |
| Issue Size | IPO Doc |
|---|---|
| 0 | DRHP PDF |
About Pine Labs
Founded in
1998
Managing director
Amrish Rau
Parent organisation
Pine Labs
Strengths & Financials of Pine Labs
Strengths
Risks
Pine Labs has developed a growing ecosystem connecting merchants, consumer brands, enterprises, and financial institutions. The company states that the number of merchants has increased from 250,992 in FY22 to 530,318 in FY23, to 644,500 in FY24, and 915,731 as of December 31, 2024.
Pine Labs claims to be the largest player in closed and semi-closed loop gift card issuances in India by transaction value. The company further states that in FY24, it has processed a gross transaction value (GTV) of Rs 6,084.36 billion across 3.44 billion transactions.
The company claims to have established long-term relationships with key merchants, consumer brands, and financial institutions. Their partnerships span various sectors, including retail, e-commerce, healthcare, and hospitality. The company further states that some of its notable collaborations with companies such as Croma and HDFC Bank have expanded over a decade, with increasing levels of engagement and a wider range of offerings over time.
The company claims to have developed a cloud-native, application programming interface (API)-first platform designed to support high transaction volumes and ensure scalability. The company further claims that in FY24, the platform processed 3.44 billion transactions, up from 2.57 billion transactions in FY23 and 2.15 billion transactions in FY22, while maintaining a 99.95 percent uptime for payments and 99.98 percent uptime for prepaid issuing.
Pine Labs claims to have a strong track record of launching innovative commerce solutions, including its proprietary online payment platform, ‘Plutus,’ and its affordability solutions. The company further claims these innovations are powered by their purpose-built technology stack, which supports rapid API integrations, robust security, and substantial transaction processing.
The company has reported a consistent increase in revenue from operations. It increased from Rs 933.98 crore in FY22 to Rs 1,290.73 crore in FY23 and Rs 1,341.01 crore in FY24.
The company has reported a consistent loss over the last three years, amounting to Rs 187.17 crore in FY24 to Rs 56.24 crore in FY23, and Rs 22.62 crore in FY22.
The company has reported negative cash flow from operating activities amounting to Rs 35.5 crore in FY24, Rs 18.18 crore in FY23, and Rs 68.17 crore in FY22. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
The top five customers accounted for Rs 275.76 crore (22.83 percent) of the company’s revenue in the nine months ended December 31, 2024, Rs 357.65 crore (26.67 percent) in FY24, Rs 366.64 crore (28.41 percent) in FY23, and Rs 247.39 crore (26.49 percent) in FY22. Furthermore, the top customer alone accounted for Rs 102.42 crore (8.48 percent) of the company’s revenue in the nine months ended December 31, 2024, Rs 170.96 crore (12.75 percent) in FY24, Rs 179.33 crore (13.89 percent) in FY23, and Rs 114.03 crore (12.21 percent) in FY22. Any failure to retain these key customers, expand the customer base, or a loss of business from even one of these clients can adversely affect the company’s business and financial standing.
The company and its subsidiaries are involved in certain ongoing legal proceedings, including criminal and tax-related matters. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Employee benefits expenses accounted for Rs 497.06 crore (41.14 percent) of the company’s revenue in the nine months ended December 31, 2024, Rs 625.35 crore (46.63 percent) in FY24, Rs 606.67 crore (47.00 percent) in FY23, and Rs 448.17 crore (47.98 percent) in FY22. Any increase in these costs, whether due to higher salaries, recruitment expenses, or stock options, could negatively impact the company’s profitability.
A significant portion of the company’s revenue is derived from its digital infrastructure and transaction platform segment. It accounted for Rs 853.79 crore (70.67 percent) of the company’s revenue in the nine months ended December 31, 2024, Rs 905.06 crore (67.49 percent) in FY24, Rs 855.12 crore (66.25 percent) in FY23, and Rs 600.07 crore (64.25 percent) in FY22. Any disruption in this segment could negatively impact the company's financial performance.
As of December 31, 2024, the company had contingent liabilities amounting to Rs 311.44 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s business and finances.
As of December 31, 2024, the company had trade receivables amounting to Rs 681.91 crore, a sharp increase from Rs 512.88 crore in FY24, Rs 483.16 crore in FY23, and Rs 299.57 crore in FY22. Investors should keep an eye on the future trajectory of this figure. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
As of April 30, 2025, the company had outstanding financial indebtedness amounting to Rs 881.40 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Pine Labs Financials
*All values are in Rs. Cr
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