Fintech firm Pine Labs is aiming to launch its Initial Public Offering (IPO) in India during the second half of 2025

Indian fintech firm Pine Labs is gearing up for a domestic Initial Public Offering (IPO) in the second half of 2025, undeterred by prevailing market volatility, according to Chief Executive Officer Amrish Rau.

Backed by venture capital firm Peak XV, Pine Labs provides end-to-end payment solutions to merchants, including point-of-sale (POS) terminals for card payments. The company competes with major players such as Paytm and Walmart’s PhonePe in India’s rapidly evolving digital payments ecosystem.

Despite a recent downturn in India’s equity markets—with more than $1 trillion wiped out in market capitalisation due to negative investor sentiment—Pine Labs remains optimistic.

“We would want to go for an IPO in the second half of this year,” Rau told Reuters in an interview. “I really shouldn’t be swayed by market conditions and should be more focused on building a company that’s built to last. If the IPO timing shifts due to market conditions, it’s not going to be an earth-shattering situation. Overall, I think we are ready for the public markets.”

According to a source with direct knowledge of the matter, Pine Labs is planning to raise $1 billion through the IPO, which will comprise both fresh capital infusion and a partial exit by existing investors. Rau declined to comment on the IPO size.

If successful, the offering would be India’s second-largest fintech IPO, following Paytm’s $2.5 billion debut in 2021.

Last valued at $5 billion during a funding round in 2022, Pine Labs counts global investors such as PayPal, Mastercard, and Singapore’s Temasek among its backers. The company is currently in the process of obtaining regulatory approvals to shift its domicile to India.

In terms of financial performance, Pine Labs reported revenues of $200.4 million in FY 2023–24, up slightly from $189.72 million in the previous year. However, net losses widened to $40.68 million from $27.24 million, as per the company’s latest financial statements.

Rau also noted that Pine Labs is diversifying its revenue streams, increasingly focusing on technology solutions for banks, fintechs, and large corporates, as it positions itself for long-term growth.