NCDRC awards ₹2 cr to family after woman’s healthy kidney removed in botched surgeryNCDRC awards ₹2 cr to family after woman’s healthy kidney removed in botched surgery Published on: May 21, 2026 5:09 PM IST PTI Share via Copy link New Delhi
An Australian judge fined X Corp. 650,000 Australian dollars (U.S. $465,000) on Thursday (May 21, 2026) for failing to provide information to an online safety watchdog in 2023 about how it tackled child sexual exploitation content. Federal Court Justice Michael Wheelahan also ordered the
parent on Thursday reported a 4X jump in its March quarter consolidated net profit at Rs 79 crore, compared with Rs 19 crore in the year-ago period.The Nykaa operator’s revenue from operations stood at Rs 2,648 crore in Q4 FY26, up 28% from Rs 2
Taiwan leader Lai Ching-te said on Thursday (May 21, 2026) that he would be "happy" to talk to U.S. President Donald Trump, a conversation that would break more than four decades of diplomatic protocol and risk angering China. Mr. Trump told reporters on Wednesday (May 20
Dileep Raj dies after cardiac arrest: Experts warn why relying completely on smartwatches for diagnosis is not safeKannada actor Dileep Raj’s death on May 13 has sparked concerns about over-reliance on wearable health devices. Published on: May 21
Mother documents how strangers in France reacted to her fancy Indian looks: 'I am your Devdas, you are my Paro'Pavitra Kaur's video shows her outfits and the enthusiastic reactions of strangers in France – compliments range from movie references to heartfelt exchanges. Published on: May 21
Parents’ wholesome reaction to son's Google job announcement wins hearts. WatchThe video resonated with many social media users, who flooded the comments section with congratulatory messages and emotional reactions. Updated on: May 21, 2026 4:47 PM IST By Bhavya Sukheja Share via Copy link A
Calcutta HC grants Abhishek Banerjee relief in inciting speech case till July 31The Calcutta high court on Thursday granted protection from coercive police action to Trinamool Congress (TMC) MP Abhishek Banerjee until July 31 in the inciting speech case Published on: May 21
We have priced our IPO for wider merchant participation: Amrish Rau, Pine Labs
Pine Labs has come a long way from its early days as a card payments processor. Over the years, it has grown into a full-fledged fintech, with business straddling prepaid cards, UPI and online payments, and international operations.
Founded in 1998, the Gurugram-based firm is now ready to test the public markets. It has set a price band of Rs 210–221 per share, aiming to raise Rs 3,900 crore through a mix of fresh equity and secondary sales. The company is seeking a valuation of $2.9 billion — roughly 40% shy of its last private round at a $5 billion valuation.
On the sidelines of its IPO briefing, chief executive Amrish Rau spoke with ET's Pratik Bhakta on the rationale behind the IPO and what comes next for the company once it's under the glare of the public markets.
You've been meaning to go public for some time. What made you decide to go for the IPO now?
I think it's a natural progression for any company to go public at some point. Pine Labs has been around for a while. Given our scale and our financials, we felt we could justify being a listed company and show consistency in our revenues and Ebitda.
What are the factors driving the growth at Pine Labs?
There are two or three things. One, we have been able to grow our revenues consistently between 20 to 25% on a year-on-year basis. Our (card) issuance business has grown, and if you look at the financials, you will see that issuance is a capex-and depreciation-light business. Hence, it has a very robust Ebtida.
The second is our approach to solving tech problems and not being a regular payments firm that depends on the merchant discount rate (MDR) or lending. We are charging for our tech capabilities, for our platforms. We've been able to do that because we deliver value. Merchants, banks, and financial institutions are paying us, and that is reflected both in our revenues and Ebitda.
The top banks in the country are our clients. The top five offline retailers are our clients. The top three ecommerce companies are our clients. The top three quick commerce companies are also our clients.
Between the DRHP and the RHP, you have reduced the size of your IPO. Why?
We have the complete support of our customers. So, I wanted to take this entire community along with us for the IPO. Hence, we have priced ourselves such that there is a positivity around the IPO, and the entire community is incentivised to come on board as investors.
The OFS component has shrunk because there was no supply from my investors. With regard to the primary component, the way our financials have moved over the last two, three quarters, we are now PAT positive. Our net debt, which we may reduce, is okay. We are net debt negative, (i.e., have more money than debt). There has been no reduction in the investment areas identified between the DRHP and now.
What will be the top three or four use cases for the primary capital you are raising?
One is global expansion. 15% of our revenues come from our international markets. That's an area that we want to continue to invest in. Second, technology, infrastructure, and building products . Third, per Sebi's rule, a maximum of about 10% of the proceeds can be allocated towards acquisitions. That's what we plan to do.
For many years, we were primarily focussed on card payments. But Pine Labs is a much larger financial services play. Some of this was done through acquisitions.
Is Pine Labs broadly where you wanted it to be? What's your strategy going forward?
Fintech is evolving and changing. I think there is more work to be done on that front. Regarding acquisitions, we have generally tried to acquire new products or new capabilities. We've not tried to do acquisitions from a balance sheet or a revenue management perspective. I see there are more areas we should invest in going forward.
Payment revenues, especially in India, have been talked about a lot, especially with UPI being on zero MDR. Being a core payments company, how tough is this market?
By no stretch am I saying that this is an easy place to be in. Having said that, once you're operating at scale, you will find operational efficiency. Hence, I sometimes feel that payment companies which have not achieved scale will not be able to have the kind of revenue streams we do. Purely because we are at that scale and size where operational efficiencies start to kick in.
What's the thinking on the valuation front? Why did you go for a lower valuation?
Our approach has been, what's the right pricing that will excite the entire community (business owners, merchants), such that they will want in and support us? That's where we have priced it.
Do you think that the ecosystem will be the major investors in this company? Because consumers do not really touch and feel Pine Labs on a daily basis, right?
I agree with you. Look at the number of founders and operators who are already on my cap table. The community has been very supportive of Pine Labs over the years. I want to bring in everybody from the community, get them to join us.
Which of your peers should we benchmark you against? Of course, there are global players like Stripe. But in India, Paytm, Mobikwik, are all more consumer-facing fintechs.
Absolutely, there is no clear comparison with our operating model. The closest I constantly think of is Stripe. But in India, I don't think there is anybody close.
Pine Labs has been offline-focused for the longest time, now there is a large online business too. How do you see the two play out in the future?
The checkout experience is drastically changing in the offline space. There the screen is getting bigger. While online processes are getting more invisible.
Our investment in (fintech infrastructure firm) Setu was really an investment in the online business. Because online is not just about ecommerce or card-based payments, it's also related to BBPS. It's also related to prepaid and gift cards, and Setu brings many of those capabilities.
You're already in southeast Asia. Do you have any other new geographies in mind?
We are present in the UAE, seven countries in Africa, the US, and the Philippines. We are now in 20 countries globally. As in, we have clients in 20 countries.
Globally, it is largely card processing. But in the UAE, Malaysia, and Philippines, we're also into terminals.
Source: EconomicTimes
Related Posts: Peak XV’s early Pine Labs bet lands $1 billion+ in likely gains Pine Labs Q2 Results Pine Labs IPO sails through Pine Labs IPO Day 3 Pine Labs IPO listing tomorrow Infosys, ONGC, Pine Labs, JSW Steel, IndiGo, Tata Capital, And Others Pine Labs seeks $2 Pine Labs receives GST tax demand of Rs 37 2 women tourists from Punjab die in Kullu after a pine tree falls on them Woman gets mom's thyroid tested at 3 labs with different results
The Secrets Revealed in SpaceX’s IPO FilingDocuments related to SpaceX’s initial public offering show the company is unprofitable and CEO Elon Musk controls 85% of the vote. Updated on: May 21, 2026 2:56 PM IST WSJ Share via Copy link SpaceX’s IPO filing sheds light on the finances and
1 days ago
Google has launched Gemini Omni, a multimodal AI model focused on cinematic video generation and conversational editing. The platform can create videos using text, images, audio and video prompts with improved realism and context awareness. Google is positioning Omni as its next big push in
1 days ago
Bengaluru techie builds ‘I GOT FIRED’ button amid AI layoff fears: ‘One click makes company codebase public’The images showed several labelled buttons, including “Gaslight Them,” “Decode Corporate BS,” and a red-highlighted option reading “I GOT FIRED.” Updated on: May 21
1 days ago
A controversial video allegedly filmed near Kedarnath Temple has gone viral on social media, triggering outrage among devotees and netizens over the behaviour of some pilgrims during the sacred Char Dham Yatra. The viral clip shows a group of men sitting and relaxing inside a tented accommodation
1 days ago
What your Dog’s birthdate says about their personality, according to a tarot expertJust like humans carry energetic blueprints, animals also have unique vibrations. In tarot, every birthdate can be connected to a Major Arcana energy. Read on. Updated on: May 21
1 days ago
Veteran actor Rakesh Bedi recently had a fun encounter with popular Punjabi singer Sukhbir in Goa. Taking to his social media account, Rakesh Bedi shared his surprise meet with the legendary Punjabi singer on his social media account, and reflected on their fun camaraderie
1 days ago
Textbooks for students have been printed in time for the reopening of schools in Kerala on June 1, Director of General Education N.S.K. Umesh said. Mr. Umesh was responding to fresh reports of delays in printing and binding of textbooks in Thiruvananthapuram on Tuesday (May 19, 2026)
1 days ago
The recently amended National Anti-Doping Act is set to be modified again to criminalise the trafficking and distribution of prohibited substances to athletes, with suppliers facing jail terms of up to five years. The proposed changes also target medical practitioners who knowingly prescribe banned
1 days ago
Editorial independence is core to our work. Some links may earn us a commission, without influencing our opinions.Building a smarter home? Start with these reliable smart door locks with fingerprint, Wi-Fi, and camera featuresStill carrying spare keys or checking your door twice before leaving?
1 days ago
The World Cup expands with more teams and games. This raises questions about quality and player fatigue. FIFA believes this growth makes the sport global. New teams debut, offering dream opportunities. Concerns exist about player health and the value of scarcity
1 days ago
The Longest Internet Blackout in History Is Crippling Iran’s EconomyThe government’s shutdown has been in place for nearly three months, threatening millions of jobs. Published on: May 21, 2026 5:05 PM IST WSJ Share via Copy link Iranians are enduring the longest and most intense internet
1 days ago
Indian Grandmaster R Praggnanandhaa was held to a draw by Romanian Deac Bogdan-Daniel, while France’s Alireza Firouzja decided to finally call it quits in the sixth round of the Super Chess Classic, part of the Grand Chess Tour. Firouzja, who played two games despite an ankle injury
1 days ago
Pelé was 17 when Brazil found their World Cup soul; 12 years later they owned The Jules Rimet trophy foreverAs the 2026 World Cup approaches, memories of Pelé's impact on Brazil's football loom large. His stunning debut in 1958 to securing Jules Rimet Trophy in 1970. Updated on: May 21
1 days ago
Thomas Tuchel has already started contacting the England hopefuls who have not made the cut. It's the call any player dreads - because even in today's club-centric landscape, representing your country at a World Cup remains the pinnacle. Tuchel's squad will be made public on Friday
1 days ago
Luxury today looks very different from what it did a decade ago. For millennials and Gen Z, aspirational living is no longer centred around accumulation or ownership. Instead, it is increasingly shaped by experiences that feel immersive, emotionally rewarding and culturally meaningful
1 days ago
Indian cricket legend Virat Kohli has brought the spotlight on a deeply personal psychological experience that affects millions: imposter syndrome. In a candid revelation at a summit in Bengaluru, the RCB star admitted, “You constantly feel like you’re never good enough – that imposter
1 days ago
Hindustan Unilever said it has permitted partial work-from-home arrangements and accelerated electric vehicle adoption as part of broader efforts aligned with Prime Minister Narendra Modi’s call for austerity and fuel conservation, NDTV Profit learnt exclusively
1 days ago
Mumbaikars are set to get a peek into the world of TV show FriendsThe FRIENDS Experience, an immersive museum dedicated to the 1990s sitcom, is debuting in Mumbai on June 12-13 Published on: May 21, 2026 4:39 PM IST By HT Correspondent Share via Copy link Fans of the hit 1990s sitcom Friends in
1 days ago
Indian rupee recovered 61 paise on Thursday to open at 96.25 against the US dollar. On Wednesday, the rupee fell to a record low at 96.95, before recovering slightly to settle at 96.86 by the day’s end. In a major structural intervention to stabilise domestic financial markets
1 days ago
As India swelters under an intense heat, the India Meteorological Department (IMD) has issued repeated warnings of heat wave to severe heat wave conditions across large parts of northwest, central, and eastern India. Temperatures have soared above 45°C in several regions, with Delhi, Rajasthan
1 days ago
Are you feeling lonely? Know what prolonged isolation does to your brain and bodyAlways spacing out or feeling disconnected, even in a room full of people? Find out the ramifications loneliness can have on your health. Updated on: May 21, 2026 2:10 PM IST By Adrija Dey Share via Copy link The
1 days ago
Who is Abhijeet Dipke, the Boston-educated founder of Cockroach Janata Party?Abhijeet Dipke is a 30-year-old Indian political communication strategist and founder of the Cockroach Janata Party. Updated on: May 21, 2026 12:26 PM IST By Sanya Jain Share via Copy link There’s a new political outfit
1 days ago
Chip giant Nvidia on Wednesday (May 20, 2026) posted record quarterly revenue of $81.6 billion, blowing past Wall Street forecasts as insatiable demand for its artificial intelligence hardware powered another blockbuster quarter. The results for the first quarter of fiscal 2027, ending April 26
1 days ago
Manifesting a BMW at 26 to buying it: Bengaluru techie's viral video captures parents' pure joyThe Bengaluru techie posted a video which captures what his parents thought about him buying a BMW. Updated on: May 21, 2026 12:16 PM IST By Trisha Sengupta Share via Copy link A heartwarming video of a
1 days ago
“Mexican authorities arrested the municipal president of Atlatlahucan and five other political figures in an investigation into corruption and organised crime in central Morelos state,” special prosecutor Ulises Lara said in a video message late on Wednesday
1 days ago
Rajnath Singh, South Korean minister inaugurate Indian war memorial in SeoulMore than 2.5 million people were killed in the war between North and South Korea, backed by their respective allies. Published on: May 21, 2026 1:49 PM IST By Rahul Singh
1 days ago
U.S. President Donald Trump is expected to sign an executive order on Artificial Intelligence (AI) and cybersecurity as soon as Thursday (May 21, 2026), two sources familiar with the matter told Reuters, as pressure grows from parts of his political base to increase oversight of new AI models
1 days ago
