Hidden Startup Secrets of Pine Labs | Pine Labs Business Model

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Hidden Startup Secrets of Pine Labs | Pine Labs Business Model

Company Details

City: Noida
Founders: Rajul Garg, Tarun Upaday and Lokvir Kapoor
Founded: 1998
Industries: Financial Services, FinTech, Information Technology, Payments
Number of employees: 1001-5000
Revenue: Rs 1,017 Cr (FY22)
Funding amount: $423,238,799
Official Website: pinelabs.com

Pine Labs Startup Story

Pine Labs, an Indian merchant platform firm, was established in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay as a straightforward card-based payment and loyalty program. 

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Today, Pine Labs offers finance and last-mile retail transaction technologies to merchants and their consumers. The Pine Labs business model is adapted to meet the demands of its merchants. Learn More CRED Business Model

The payment unicorn has developed cutting-edge, cloud-based point-of-sale (PoS) devices that enhance consumer interaction during the payment process.

The payment sector was plagued by currency fluctuations, confusion, and unpredictability. In response, banks began offering ATM services and ATM-cumulative debit cards. 

However, the use of cards in physical stores and by other merchants still faced difficulties, even after the introduction of ATMs in India. Pine Labs aimed to address these issues by developing software for point-of-sale (PoS) devices and supporting merchant platforms. 

Pine Labs Business Model

Today, the company counts over 70,000 merchants in India, including well-known chains like Marks & Spencer’s Wholesale, Pantaloons, Westside, and others. 

Pine Labs is also a unicorn, having received a significant investment from Mastercard in January 2020, making it the first Indian unicorn to emerge in 2020.

Pine lab’s main motive/Vision  is that every business can grow very exponentially with technology and Capital. Learn More How Does Paytm Makes Money

They also focus towards creating a product and service platform that widens access and accelerates commerce for merchants in each local market we visit.

In the beginning, the company focused on large-scale, smart, card-based payment and loyalty solutions for the retail fuel industry. To ensure that their PoS devices could process all types of digital payments, they collaborated with banks and payment intermediaries. 

By 2012, Pine Labs had transformed into an organization that had created an exceptional cloud-based unified payment platform, with the aim of reducing costs and increasing profits for merchants. 

The company also updated its payment technology products. Through partnerships with reputable banks and manufacturers, they were able to offer a range of services to merchants on their platform.

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Pine Labs Founder – Lokvir Kapoor, Rajul Garg and Tarun Upadhyay

As a result, it evolved into a merchant platform with solutions for payments, risk analysis, multi-channel analytics, merchant lending and insurance, full-stack offers, cashback, integrated billing, and more. It now boasts a network of over 21 financial institutions and 100 brands.

Pine Labs machines accept payment through cards, QR codes, or mobile number billing. The company also offers working capital loans and rewards programs like PinePerks. 

Pine Labs raised INR 285 crores in June through new share issuances and secondary sales with investors like Baron Capital, Duro Capital, Marshall Wace, Moore Strategic Ventures, and Ward Ferry Management. 

The firm is expected to announce a second round of funding in the near future.

Pine Labs collaborated with Kotak Mahindra Bank to expand their point-of-sale and card acquisition systems. On September 13, 2021, the company partnered with OneCard to provide its customers with EMI options at the point-of-sale. 

On July 22, 2020, Pine Labs announced its partnership with Have, with the aim of bringing cashless payment options to offline SMEs and businesses to accelerate digitalization. Learn More Hidden Startup Secrets Of Bharatpe

Pine Labs established its first global presence in 2017 when it entered the Malaysian market through a partnership with CIMB Bank.

Pine Labs Acquisitions

So far, Pine Labs has made 3 acquisitions. On February 8, 2022, it announced its latest acquisition, Qfix Infocomm, a Mumbai-based online payments company. 

The acquisition will support the recently launched Plural platform. Pine Labs is currently in discussions for a potential acquisition with Setu, a financial infrastructure firm backed by Lightspeed.

For its next stage, Pine Labs is preparing. In the next 18 months, it plans to introduce new solutions aimed at improving the customer experience, expand into new markets and categories, and launch an initial public offering (IPO). 

The company’s IPO is expected to be valued at around $1 billion. According to news from January 2022, the company is reportedly planning to go public on the NASDAQ stock exchange this year.

Before going public, Pine Labs already had Morgan Stanley and Goldman Sachs as its advisors.

Pine Labs Logo And Tagline

At Pine Labs, our mission is to empower merchants and help them thrive in an ever-changing market, and we do this by delivering innovative payment and retail technology solutions that are designed to make their business future-positive. Learn More BigBasket Competitor

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This is reflected in our tagline, ‘We make your business future-positive’.

Pine Labs Competitors

Pine Labs’ competitors include companies offering similar merchant platform solutions such as PayPal, Paytm, Razorpay, Stripe Connect, Apple Pay, Payoneer and Instamojo
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Additionally, global players like Square and PayPal also provide similar services and could be considered as competitors in the market.

What Is Pine Labs?

Pine Labs is a leading merchant platform and payment solutions provider based in India. The company offers a range of payment acceptance and merchant commerce solutions to merchants, banks, and other financial institutions.

What Does Pine Labs Do?

The company was founded in 1998 and has since grown to become a leading provider of point-of-sale (POS) machines, payment terminals, and other financial services. 

Pine Labs’ products and services include: 

Payment Acceptance Solutions: Pine Labs offers a range of payment acceptance solutions, including POS terminals, QR code payments, and online payment gateways. 

EMI Solutions: The company offers easy EMI (Equated Monthly Installments) options to customers, allowing them to pay for high-value purchases in installments. 

Loyalty Solutions: Pine Labs offers loyalty and reward solutions to merchants to help them attract and retain customers. 

Gift Cards: The company also provides merchants with the ability to issue and manage gift cards for their customers. 

Analytics and Insights: Pine Labs offers analytics and insights to merchants to help them better understand their customers and make data-driven decisions. 

Pine Labs’ services are used by a wide range of merchants, including retailers, restaurants, and hotels.

The company has a presence in over 3,700 cities across India and also operates in other countries like Singapore, Malaysia, the Philippines, and the UAE.

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