Pine Labs is an online merchant commerce and payment platform that announced a 2.8 percent decrease in operational revenue to Rs 1,317 crore in FY24. The startup provides a digital platform offering working capital loans, hardware and software-based payment terminals, money transfers, UPI autopay, cash management, and e-wallets. The application enables users or businesses to collect and manage online payments. The transaction processing and settlement services are the company’s major source of revenue. The startup also provides a platform that accepts various payment methods including BNPL and credit cards.

Entrackr mentioned in its report that the firm also earns income through digitization and services at petroleum outlets which accounted for Rs 67 crore in FY24. The income from transaction processing and settlement amounted to 61 percent of the operating revenue and increased by 1.5 percent to Rs 805 crore in the same duration. The company has secured over 1.32 billion USD across multiple funding rounds since its inception, including $2.2 million raised during its series F funding round led by Founders Globals and Yeoh Chen Chow. The data intelligence platform, tracxn mentioned that the company’s post-money valuation was around 5.8 billion USD in April 2024. 

The Delhi-based startup develops digital payment solutions for businesses and merchants. The online platform uses advanced technologies to provide a seamless user experience. This fintech startup provides users with various digital business payment solutions including credit or debit cards and e-wallets. Pine Labs recently got approval to relocate its domicile in India from the Singapore court. The employee benefits increased by 3 percent to Rs 625 crore in FY24. This amounted to 38.5 percent of the total expenses. The total expenditure of the firm increased by 15.8 percent to Rs 1,624 crore in the same duration. 

The fintech firm posted a three-time increase in its losses to Rs 187 crore in this fiscal year. The company failed to control its losses and saw a 233.9 percent increase in FY24. The firm aims to minimize its loss by cost-cutting measures. The legal fees, travel, advertising, data communication, and others account for 15.8 percent of the total expenditure. The EBITDA margin also stood at -10.55 percent while the ROCE was around -7.87 percent. Pine Labs faces competition from other payment platforms such as Razorpay and Flutterwave.

Conclusion:

The fintech startup Pine Labs announced a 2.8 percent increase in its operational revenue to Rs 1,317 crore in FY24. This online platform provides payment solutions for merchants and businesses. These transaction processing and settlement chargers are the firm’s primary sources of revenue. The loss also saw a three-times jump and increased by 233.9 percent to Rs 187 crore in FY24. The total expenditure of the firm saw an increase of 15.8 percent and crossed Rs 1,624 crore in the same duration. The startup plans on reducing operating and employee expenses to control its losses. The company has secured over 1.32 billion USD across multiple funding rounds to date.