“Built A Massive Network Among Retailers”

“The quality of your product will always be the best indicator of the company. What we do on the technology side and the product side is good, so what you need on the sales side is only distribution. As long as the quality is great, the product will sell easily.”

- Anup Jayaram

Company

Pine Labs

Business Fintech-PoS payment solutions

Incorporated 1998

Funding till date $738.2 million

Scale of business

600,000 No. of Pine Labs terminals across the country

EBITDA positive for the last 10 years

Next what?

Expansion in S.E. Asia and West Asia

THE CLUNKY BLACK point of sale (PoS) devices in retail outlets are now getting replaced with sleek white, touchscreen-based machines. Most versions also offer contactless payments using NFC (near field communications). And all that has happened, thanks to merchant commerce platform Pine Labs. The Noida-based firm has created an ecosystem where shoppers can swipe cards of multiple banks on a single terminal in a store. Of the 3-3.5 million terminals across India, 600,000 are owned by Pine Labs.

The company was founded by Rajul Garg and Tarun Upadhaya in 1998. Both later sold their shares when Sequoia made its first investment in Pine Labs in 2009. Lokvir Kapoor was designated the founder of the company. He is currently the founder-director, while Amrish Rau is the CEO.

Backed by investors, including Sequoia, New Atlantic Ventures, Temasek, PayPal, and Mastercard, Pine Labs has seen its valuation rise 3x to $3 billion in the last 18 months. In July, the company raised $315 million.

The Idea!