Startups > Pine Labs

Pine Labs

Pine Labs enables merchants to accept payments, offer financing, and drive loyalty through cloud-based commerce.
New Funding $954M total Founded 1998 India
Pine Labs is a merchant commerce platform that powers offline and online retail transactions through cloud-based POS terminals and payment processing solutions. The company operates 350,000+ terminals across 3,700+ cities in India and Malaysia, serving 100,000+ merchants with integrated financing, analytics, and loyalty tools. Pine Labs differentiates through multi-bank integrations on a single terminal—unlike competitors who require separate hardware for each bank partnership—and proprietary EMI conversion powered by bank cardholder analytics. The platform went public in November 2025 after raising $954M across 12 funding rounds.
Problem solved
Retailers lack unified payment infrastructure that integrates multiple payment modes, instant financing options, and customer analytics without deploying separate hardware for each banking partner.
Target customer
Retail merchants of all sizes (electronics, F&B, fashion, airlines) in India and Malaysia seeking integrated payments, EMI financing, and customer insights; financial institutions and banks building payment infrastructure.
Website LinkedIn Crunchbase
Founders
R
Rajul Garg
Co-Founder
Serial entrepreneur who previously founded Sunstone Eduversity, Sunstone, and GlobalLogic.
T
Tarun Upaday
Co-Founder
Co-founder who previously founded Cogent and Gallop.
L
Lokvir Kapoor
Co-Founder
Co-founder and serial entrepreneur.
A
Amrish Rau
CEO
Founder of Citrus Pay and PayU; angel investor in 47 startups; brings deep payments and fintech expertise.
Funding history
Early Stage Undisclosed 2009 Led by Sequoia Capital · Unknown
Growth Stage Undisclosed 2015 Led by Sofina · Unknown
Series B $82M March 2018 Led by Actis Capital, Altimeter Capital · Unknown
Series C $125M May 2018 Led by Temasek Holdings, PayPal · Unknown
Strategic Investment Undisclosed January 2020 Led by Mastercard · Unknown
Series D $75M-$100M December 2020 Led by Lone Pine Capital · Unknown
Series E $325M July 2021 Led by Fidelity, BlackRock · Unknown
Series F $150M 2022 Led by Alpha Wave · Unknown
Series F (Tranche 2) $50M March 2022 Led by Unknown · Unknown
Total raised: $954M
Industries
Financial Services FinTech
Pricing
Custom pricing model. No specific pricing publicly disclosed. Contact for enterprise quotes.
Notable customers
Mark's and Spencer's Retail, Pantaloons, Westside, BPCL, HPCL, IOCL, SBI Payments; 100,000+ merchants across electronics, F&B, fashion, airlines, and other sectors.
Integrations
24+ banks, 7 financial institutions, Visa, Mastercard, UPI networks, multiple wallet providers, e-commerce platforms via Plural payment gateway
Website
pinelabs.com
Competitors
Razorpay
Broader payment gateway focused on online/digital-first; Pine Labs stronger in offline POS and EMI financing integration.
M2P Fintech
Card and wallet infrastructure platform; Pine Labs offers full merchant commerce suite with POS terminals and embedded financing.
PayU-Billdesk
Payment gateway competitor; Pine Labs differentiates through multi-bank terminal integrations and point-of-sale dominance.
Solaris
European fintech platform; Pine Labs operates primarily in India and Malaysia with region-specific merchant and bank partnerships.
Why this matters: Pine Labs is a category-defining merchant commerce platform that went public in November 2025 after 27 years of operation and $954M in funding. Its multi-bank terminal architecture, embedded financing, and market dominance in India make it a critical infrastructure player in the region's retail ecosystem, particularly as it expands into direct payment gateway competition with Razorpay.
Best for: Retail merchants seeking unified payment infrastructure with integrated EMI financing, instant discounts, and loyalty programs without managing separate hardware for each bank.
Use cases
Large Purchase Financing
An electronics retailer uses Pine Labs' EMI conversion to split a ₹50,000 laptop purchase into 12 monthly installments at the point of sale. The platform analyzes the customer's debit card data from partner banks to instantly approve financing, increasing average transaction value and reducing cart abandonment.
Omnichannel Retail Operations
A fashion retail chain operates across 200 physical stores and an e-commerce website. Pine Labs' POS terminals unify store payments while the Plural gateway handles online checkouts, providing consolidated merchant analytics, inventory insights, and targeted promotions across all channels.
Loyalty & Repeat Purchase Optimization
A quick-service restaurant chain uses Pine Labs' loyalty solution and targeted promotions to incentivize repeat visits. The platform tracks customer purchase history, enables PaybyPoints redemption, and automatically triggers cashback offers to high-value customers, increasing customer lifetime value.
Alternatives
Razorpay Choose Razorpay if you prioritize a pure-play online payment gateway with strong developer APIs; choose Pine Labs if you need integrated POS hardware, EMI financing, and offline-to-online retail coverage.
PayU PayU is stronger in pure payment processing; Pine Labs offers deeper merchant commerce features including loyalty, analytics, and embedded financing specific to retail.
Square (in markets where available) Square focuses on SMB point-of-sale; Pine Labs targets broader merchants with multi-bank integrations and advanced financing capabilities unavailable in comparable markets.
FAQ
What does Pine Labs do? +
Pine Labs is a merchant commerce platform that powers retail transactions through cloud-based POS terminals and payment processing. It enables merchants to accept multiple payment modes (cards, UPI, wallets), offer instant EMI financing, run loyalty programs, and gain customer insights—all integrated on a single platform that works across 3,700+ cities in India and Malaysia.
How much does Pine Labs cost? +
Pine Labs uses a custom pricing model tailored to merchant volume, transaction type, and service level. Specific pricing is not publicly disclosed. Contact their sales team for a quote.
What are alternatives to Pine Labs? +
Top alternatives include Razorpay (online payment gateway), PayU (payment processing), M2P Fintech (card and wallet infrastructure), and international players like Square. Choice depends on whether you need integrated POS hardware, EMI financing, or pure payment gateway functionality.
Who uses Pine Labs? +
Over 100,000 merchants across India and Malaysia use Pine Labs, including major brands like Pantaloons, Westside, Mark's and Spencer's Retail, and leading retailers in electronics, F&B, fashion, and aviation. Financial institutions and banks also partner with Pine Labs for payment infrastructure.
How does Pine Labs compare to Razorpay? +
Pine Labs specializes in offline POS hardware with multi-bank integrations and embedded EMI financing, making it stronger for physical retail. Razorpay is a pure-play digital payment gateway with superior developer APIs and online-first capabilities. Pine Labs is now competing with Razorpay in the payment gateway space through its Plural platform.
What makes Pine Labs different from competitors? +
Pine Labs integrates with 24+ banks on a single terminal, whereas competitors typically require separate hardware for each bank partnership. This significantly reduces deployment costs and complexity. Additionally, its proprietary EMI conversion using bank cardholder analytics and leadership in POS market share (95%+ in gift cards) differentiate it from pure-play payment gateway competitors.
Tags
merchant commerce point-of-sale EMI financing payment processing retail technology loyalty programs multi-bank integration India fintech