PL
Pine Labs
Book Building issueMainboardNSE₹3,900 Cr issue
+9.50%
Listing gain over issue price
Issue size
₹3,900 Cr
1 lot at cut-off
₹14,807
Lot size
67shares
Open
07 Nov 2025
Close
11 Nov 2025
Allotment
12 Nov 2025
Listing
14 Nov 2025
Listing performance
Issue price
₹221
Listed at
₹242
Listing-day close
₹251.30
Latest price
₹159.84
Listing gain
+9.50%
Return since listing
-27.67%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹5.50
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 14 Nov 2025 | ₹5.50 | +2.49% | ₹300 | ₹226.50 | ₹368.50 |
| 13 Nov 2025 | ₹5.50 | +2.49% | ₹300 | ₹226.50 | ₹368.50 |
| 12 Nov 2025 | ₹6.50 | +2.94% | ₹300 | ₹227.50 | ₹435.50 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 07 Nov 2025 – 11 Nov 2025
- Listing date
- 14 Nov 2025
- Face value
- ₹1 per share
- Issue price
- ₹221 per share
- Lot size
- 67 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹3,900 Cr
- Market cap at offer price
- ₹25,377 Cr
- Promoter holding
- 0.00% → 0.00% pre-issue → post-issue
- ISIN
- INE15B701018
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Unit No.408, 4th Floor, Time Tower, MG Road, DLF QE, Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 7,93,58,986 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 67 shares per lot, in multiples, at ₹221
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 67 | ₹14,807 |
| Retail (max) | 13 | 871 | ₹1,92,491 |
| S-HNI (min) | 14 | 938 | ₹2,07,298 |
| S-HNI (max) | 67 | 4,489 | ₹9,92,069 |
| B-HNI (min) | 68 | 4,556 | ₹10,06,876 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
7,93,58,986
Anchor portion
₹1,754 Cr
at ₹221 per share
Valuation and performance
Valuation at offer price
₹221 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −1.38 | 0.17 |
| P/E (×) | — | 1,300.00 |
| Price to book (×) | −9.85 | — |
| Market cap | — | ₹25,377 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- Return on net worth
- −4.15%
- EBITDA margin
- 15.68%
- NAV per share
- −₹22.43
- Price to book
- −9.85
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Pine Labs
Pine Labs Limited is a technology-focused company incorporated in 1998 that provides digital payments and issuing infrastructure solutions to merchants, consumer brands, enterprises, and financial institutions. The company operates two primary platforms: the Digital Infrastructure and Transaction Platform, which enables in-store and online payment acceptance, affordability solutions, and value-added services; and the Issuing and Acquiring Platform, which allows issuance and processing of prepaid cards, credit cards, and merchant acquiring solutions. The company has expanded internationally and generated ₹23,270.93 million in total income for Fiscal Year 2025, though it reported a loss of ₹1,454.87 million for the same period.
Company Analysis
from RHPPine Labs is a technology company that digitizes commerce through digital payments and issuing solutions, operating across India, Malaysia, UAE, Singapore, Australia, the U.S., and Africa.
Pine Labs Limited is a technology-focused company incorporated in 1998 that provides digital payments and issuing infrastructure solutions to merchants, consumer brands, enterprises, and financial institutions. The company operates two primary platforms: the Digital Infrastructure and Transaction Platform, which enables in-store and online payment acceptance, affordability solutions, and value-added services; and the Issuing and Acquiring Platform, which allows issuance and processing of prepaid cards, credit cards, and merchant acquiring solutions. The company has expanded internationally and generated ₹23,270.93 million in total income for Fiscal Year 2025, though it reported a loss of ₹1,454.87 million for the same period.
Digital paymentsFinancial technology (FinTech)Payment infrastructureCard issuing and acquiringE-commerce technology
Objects of the Issue
- Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company ₹5,320.00 million p.27
- Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India ₹600.00 million p.27
- Investment in IT assets, expenditure towards cloud infrastructure, procurement of digital check-out points and technology development initiatives ₹7,600.00 million p.27
- General corporate purposes and unidentified inorganic acquisitions p.27
- General corporate purposes and capital expenditure for new platform development ₹20,800.00 million p.125
- Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company ₹5,320.00 million p.186
- Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India ₹600.00 million p.192
- Investment in IT assets, expenditure towards cloud infrastructure, technology development initiatives and procurement of DCPs ₹7,600.00 million p.196
- General corporate purposes and unidentified inorganic acquisitions [●] million (not exceeding 35% of Gross Proceeds) p.202
- Investment in IT assets, expenditure towards cloud infrastructure, procurement of DCPs and technology development initiatives p.271
- —
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹ [●] million (comprising Fresh Issue and Offer for Sale)
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹ 1 each aggregating up to ₹20,800.00 million
- Offer for Sale
- Up to 82,348,779 Equity Shares of face value of ₹ 1 each aggregating up to ₹ [●] million
- Price Band
- [●] per Equity Share (Floor Price ₹[●], Cap Price ₹[●])
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹1 each
Business Model
Pine Labs earns revenue primarily from transaction processing fees, subscription services for payment infrastructure, issuing and acquiring services, value-added services (such as dynamic currency conversion and payment aggregation), and financial services for affordability solutions. The company does not take consumer credit risk in its affordability solutions, instead connecting merchants and brands with lenders.
Business Segments
Allows merchants to accept a wide range of payment methods for in-store and online purchases, powering the checkout process. Provides affordability solutions connecting merchants and brands with lenders, value-added services such as dynamic currency conversion and payment aggregation, and API-enabled technology platform for financial institutions to manage consumer lifecycle including on-boarding, underwriting, collections, and engagement.
Enables consumer brands and enterprises to issue, process, and distribute prepaid solutions and consumer engagement solutions. Offers issuing and acquiring solutions to financial institutions for issuance of credit cards, debit cards, prepaid cards and forex cards to consumers, and merchant acquiring solutions.
Comprises solutions for merchants including in-store and online infrastructure, affordability, VAS and transaction processing, and FinTech infrastructure.
Provides prepaid card issuance and acquiring services to consumer brands, enterprises, and financial institutions.
Provides payment aggregation, transaction processing, VAS, and related digital infrastructure services
Manages prepaid card issuance, acquiring services, and related card processing
Provides merchant payments processing, payment aggregation, affordability solutions (Buy Now Pay Later), and UPI offerings to enable merchants to accept digital payments and consumers to make transactions.
Provides prepaid card issuance, distribution, processing services, card acquiring capabilities, and related services including expense management, FX prepaid cards, fuel and fleet cards, open loop gift cards, and reloadable cards.
Comprises in-store and online payment infrastructure, integrated affordability, VAS and transaction processing for merchants, consumer brands and enterprises and financial institutions. Additionally, offers FinTech infrastructure solutions for financial institutions including in-store and online infrastructure enabling merchants to accept a range of payment methods, affordability solutions, VAS, transaction processing, and fintech infrastructure through APIs.
Comprises issuing, processing and distribution of prepaid solutions and engagement solutions, along with unified issuing and acquirer processing platforms. Enables consumer brands and enterprises to create prepaid products and enables financial institutions to issue credit, debit, forex and prepaid instruments to consumers and offer merchant acquiring services.
Comprises in-store and online infrastructure, affordability, VAS and transaction processing. Includes Pine Labs In-store, Pine Labs Online, Mod91, affordability solutions, and FinTech infrastructure through Setu.
Enables merchants and consumer brands to create prepaid products. Offers technology infrastructure to financial institutions for credit, debit, forex, and prepaid instruments. Comprises Pine Labs Prepaid and Credit+.
Provides digital payment solutions and transaction processing services for in-store and online payments
Manages issuing solutions and related financial products
Subsidiary providing embedded finance and related solutions
Provides transaction processing services, payment authorization, settlement services, POS device sales, consumer app-based deals, ecards, and payment solutions to merchants, financial institutions, and end-users
Provides issuing and acquiring technology enabling merchants, consumer brands and enterprises to create prepaid products; offers merchant acquiring services and prepaid card program management
Provides technology platforms (Pinelabs, Mosambee, Benow, Setu, Qfix, Fave) enabling merchants to accept debit cards, credit cards, prepaid instruments, wallets, QR codes, UPI, loyalty points, pay later, online fee collection through API modules for bill payments, credit and savings. Merchants span sectors across India, Malaysia and Dubai. Monetized through subscription-based or transaction-based fees from merchants, acquiring and issuing banks, NBFCs, consumer brand partners, selling POS devices, digitization services, merchant lending facilitation, loyalty and analytics services.
Provides technology platform to issue, process and distribute prepaid cards primarily in India and South East Asia. For issuing and processing solutions, monetizes through processing fees from merchants utilizing the platform. For distribution, revenue earned based on commission retained from distributing prepaid cards. Additionally earns interest income on amounts loaded on prepaid cards in bank escrow accounts, breakage income from unutilized amounts after expiry, and program initiation and integration fees.
Processes digital payments including affordability solutions, payment aggregation, dynamic currency conversion (DCC), UPI offerings, and fintech infrastructure transactions; provides payment processing services to merchants through digital checkout points
Issues, processes, and distributes prepaid cards; handles funds loading and redemptions through prepaid instruments; provides credit processing services (Credit+); manages brand partnerships and international expansion
SWOT Analysis
Strengths
- • Established technology infrastructure spanning multiple geographies and payment form factors(p.26)
- • Diversified platform offerings across Digital Infrastructure and Issuing/Acquiring segments(p.26)
- • Significant market opportunity with strong projected growth trajectory(p.26)
- • Established track record in digital payments and financial services across multiple markets(p.104)
- • Diversified revenue streams across multiple operating segments and geographies(p.102)
- • Strong insurance coverage relative to asset base(p.92)
- • Large-scale ecosystem with merchants, consumer brands, and financial institutions creating network effects(p.266)
- • Market-leading position in closed/semi-closed loop gift cards and DCP-based affordability solutions in India(p.266)
- • Strong contribution margin and improving operational profitability despite recent losses(p.266)
- • Deep, long-standing partnerships with marquee customers across multiple offerings(p.268)
- • Proven platform scale processing billions of transactions with high reliability(p.260)
- • Comprehensive omnichannel payment infrastructure spanning in-store, online, and fintech solutions(p.256)
- • Processed 5.68B transactions FY2025 with 99.93% uptime(p.269)
- • Cloud-native platform enabling simultaneous global deployments(p.269)
- • API-first architecture with Setu enabling one-week go-live(p.269)
- • Leadership in digital affordability—largest enabler at DCP in India(p.274)
- • Comprehensive security certifications and compliance standards(p.270)
- • Proven ability to consistently innovate and acquire strategically(p.270)
- • Experienced management with international FinTech expertise(p.270)
- • Among top 5 in-store digital payment platforms in India FY2025(p.272)
- • Established executive leadership with deep fintech expertise(p.319)
- • Long-standing board member with significant venture capital experience(p.319)
- • Independent director with extensive banking and regulatory expertise(p.319)
- • Diversified board composition with technology and banking experience(p.319)
- • Diversified revenue streams from both digital infrastructure and issuing/acquiring platforms(p.360)
- • Established transaction processing infrastructure with significant scale(p.360)
- • Strong revenue growth trajectory across business segments(p.384)
- • Significant customer base with widely distributed geographic and economic spread(p.392)
- • Leading market position in closed and semi-closed loop gift card issuances(p.445)
- • Largest digital affordability solution enabler at digital checkout points(p.445)
- • Among top five in-store digital platforms(p.445)
- • Significant transaction scale and merchant network(p.445)
- • Diversified ecosystem across merchant segments and geographies(p.446)
- • Long-standing relationships with marquee partners(p.446)
- • Comprehensive platform capabilities across digital payments, affordability and issuing(p.445)
- • Substantial scale and growth in merchant ecosystem(p.450)
- • Rapid expansion of digital checkout points(p.451)
- • Strong transaction volume growth across platforms(p.449)
- • High contribution margins demonstrating operational efficiency(p.457)
- • Diversified revenue streams across multiple platforms(p.448)
Weaknesses
- • History of substantial losses and negative profitability(p.29)
- • Persistent negative operating cash flows(p.29)
- • High customer concentration risk(p.29)
- • Significant contingent liabilities relative to net worth(p.31)
- • Auditor qualifications and adverse audit opinions(p.29)
- • Significant losses and negative operating cash flows with no clear path to profitability(p.65)
- • Revenue concentration among top 10 customers limits financial stability(p.62)
- • Material weaknesses in IT general controls environment persist despite remediation efforts(p.67)
- • Digital Infrastructure platform overdependence creates concentration risk(p.79)
- • High contingent liabilities relative to net worth indicate regulatory and tax exposure(p.90)
- • System failures and service interruptions have occurred multiple times(p.78)
- • High employee attrition rates threaten operational continuity and innovation(p.77)
- • Significant contingent liabilities related to tax disputes and regulatory matters(p.90)
- • Material missing corporate records and filings with regulatory authorities(p.91)
- • Loans recalled on demand without agreed repayment schedule(p.95)
- • Subsidiary non-compliance with RBI governance requirements(p.90)
- • High level of trade receivables and collection risk(p.92)
- • History of incurred impairment losses on assets and goodwill(p.93)
- • Ongoing operating losses despite revenue growth(p.266)
- • Dependence on India as primary revenue source with limited international presence(p.261)
- • Relative scale disadvantage compared to global competitors(p.249)
- • Concentration of prepaid card business with closed-loop/semi-closed loop segments(p.279)
- • Dependence on limited number of major consumer brands and enterprises(p.274)
- • Heavy reliance on third-party cloud service providers(p.286)
- • Significant leasehold property obligations without owned facilities(p.288)
- • Significant accumulated losses over three-year period(p.342)
- • High current debt levels with short-term borrowings(p.341)
- • Persistent negative cash flow from operations(p.347)
- • Reliance on large prepaid card liability balances(p.341)
- • Accumulated losses and negative retained earnings impacting equity base(p.379)
- • Significant capital work-in-progress delays, particularly on major technology platforms(p.369)
- • High dependence on prepaid card business creating concentration risk in liabilities(p.382)
- • Elevated provisions for impairment on consumer app business assets(p.369)
- • Significant contingent liabilities and unrecognized temporary differences on undistributed earnings(p.373)
- • Significant accumulated losses and ongoing operating losses(p.421)
- • Impairment of goodwill from consumer app acquisition(p.422)
- • Material weakness in internal financial controls over IT systems(p.431)
- • Multiple audit trail deficiencies in accounting software(p.431)
- • Dependence on Setu acquisition which is currently unprofitable(p.426)
- • Significant outstanding debt obligations(p.424)
- • Significant accumulated losses and negative net worth(p.467)
- • High employee benefit expenses relative to revenue(p.453)
- • Rising operating costs outpacing revenue growth(p.453)
- • Significant contingent tax liabilities(p.485)
- • Negative cash flow from operations in recent periods(p.465)
Opportunities
- • Expansion of digital payment infrastructure in emerging markets(p.27)
- • Technology investment and digital checkout point expansion(p.27)
- • Growth in affordability solutions and digital payment penetration(p.26)
- • Expansion into new markets and jurisdictions with growing digital payments adoption(p.95)
- • Growth in digital payment infrastructure and fintech services in India(p.101)
- • Regulatory clarity supporting growth in payment aggregation services(p.98)
- • Massive TAM expansion in India with digital payments growing at 21-24% CAGR through FY2029(p.265)
- • DCP market expansion from 11.1 million to 20-21 million units by FY2029(p.265)
- • Affordability solutions market growing at 15-20% CAGR with penetration opportunity(p.265)
- • Prepaid cards market with significant underpenetration at 0.2 cards per capita vs 4.1 in USA(p.265)
- • International expansion TAM of US$2.0 trillion (2024) growing to US$3.1-3.2 trillion (2028)(p.267)
- • Government digitization initiatives creating tailwinds for bill payments and fintech infrastructure(p.234)
- • Expand affordability solutions to non-electronics sectors(p.270)
- • Penetrate small and micro-merchant segment with UPI-first offerings(p.270)
- • Expand Issuing and Acquiring Platform internationally(p.271)
- • Grow affordability solutions across Southeast Asia through major network partner(p.271)
- • Scale through strategic acquisitions following proven inorganic roadmap(p.271)
- • Invest in LLM-based fintech infrastructure for credit underwriting(p.271)
- • Growth in digital payment solutions and embedded finance(p.349)
- • Expansion through consolidated subsidiary network across multiple geographies(p.349)
- • Expansion of digital payment infrastructure deployment through government grants scheme(p.383)
- • Growth in issuing and acquiring platform through prepaid card market expansion(p.361)
- • Digital infrastructure monetization through consumer app and merchant partnerships(p.361)
- • Leveraging large undeployed capital work-in-progress for future revenue generation(p.368)
- • Expansion through strategic acquisitions and capabilities(p.445)
- • Growing shift to digital and online commerce post-COVID(p.445)
- • Large base of small and medium merchants in nascent digitization journey(p.445)
- • Expansion of FinTech infrastructure solutions to financial institutions(p.445)
- • Growth in geographic markets beyond India(p.444)
- • Expansion of digital payments penetration in India(p.450)
- • Government-backed digital infrastructure initiatives(p.450)
- • Scaling international operations in emerging markets(p.457)
- • Cross-selling opportunities across product portfolio(p.452)
- • Growth in fintech infrastructure segment(p.452)
Threats
- • Regulatory oversight and RBI inspection requirements(p.29)
- • Intellectual property infringement and litigation risks(p.29)
- • Cybersecurity and data breach vulnerability(p.29)
- • Outstanding legal proceedings against company and subsidiaries(p.29)
- • Inability to retain and acquire customers(p.29)
- • Absence of credit ratings(p.29)
- • Regulatory oversight and compliance risk from RBI and ReBIT inspections(p.68)
- • Risk of license revocation and cooling-off period restrictions(p.69)
- • Intense competition in payment processing and fintech sectors(p.73)
- • Dependence on acquiring banks for core operations creates vulnerability(p.74)
- • Merchant and customer behavior shifts could reduce transaction volumes(p.74)
- • Significant geographic concentration in India creates market risk(p.83)
- • Cybersecurity and data breach risks threaten customer data and business continuity(p.72)
- • Supply chain disruptions threaten hardware and software availability(p.84)
- • Regulatory requirements on merchant onboarding and KYC compliance create operational burden(p.73)
- • Money laundering and sanctions compliance failures create legal exposure(p.73)
- • Intellectual property litigation and infringement claims create legal cost and business disruption(p.70)
- • Extensive regulatory oversight and evolving compliance requirements in FinTech sector(p.97)
- • Changing regulations and laws affecting digital payments and e-commerce customers(p.98)
- • Data localization and privacy law compliance costs across multiple jurisdictions(p.99)
- • Macroeconomic risks and cyclicality affecting consumer spending and discretionary demand(p.101)
- • Foreign exchange volatility and rupee fluctuation risks(p.95)
- • Interest rate fluctuations impacting affordability products and customer financing decisions(p.92)
- • Dependence on reliable telecommunications and internet infrastructure(p.104)
- • Intense competition from larger domestic and global fintech players(p.247)
- • Government-backed digital payment initiatives potentially displacing traditional payment models(p.255)
- • Emerging technologies like CBDCs potentially disrupting payment ecosystem(p.255)
- • Regulatory changes to lending and affordability solution frameworks(p.255)
- • Economic downturns impacting consumer spending and affordability demand(p.255)
- • Cybersecurity and fraud risks undermining consumer confidence(p.255)
- • Risk of IP infringement claims as market presence expands(p.283)
- • Cybersecurity and data breach risks inherent in internet-based operations(p.284)
- • Reliance on connectivity providers for payment system reliability(p.286)
- • Regulatory changes and evolving compliance requirements(p.290)
- • Exposure to significant goodwill that requires ongoing impairment assessment(p.341)
- • Dependence on complex scheme of arrangement requiring regulatory approvals(p.349)
- • Material derivative liability and contingent compensation risks(p.341)
- • Significant impairment losses on financial assets and contract assets(p.342)
- • Regulatory changes affecting digital payments and prepaid card operations(p.360)
- • Foreign currency translation risks from multi-jurisdictional operations(p.379)
- • Increasing credit impairment risk on trade receivables and customer receivables(p.392)
- • Technology obsolescence and rapid market evolution requiring continuous capital investment(p.369)
- • Interest rate sensitivity on large borrowing portfolio affecting profitability(p.382)
- • Dependence on earmarked bank balances for prepaid card operations with restricted access(p.375)
- • Regulatory uncertainty in payments and financial services(p.437)
- • Historical goodwill impairment indicating acquisition integration challenges(p.422)
- • Working capital management challenges with deposits pledge requirements(p.424)
- • Competitive pressures in digital payments and affordability markets(p.445)
- • Dependence on macroeconomic conditions and employment rates(p.450)
- • Increasing competition in digital payments and fintech(p.473)
- • Regulatory risk from GST and indirect tax authorities(p.471)
- • Dependence on third-party vendors and service providers(p.473)
- • Rising financing costs and debt obligations(p.460)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Peak XV Partners Pine Investment Holdings | Investor Selling Shareholder | 20.25% | — |
| Macritchie Investments Pte. Ltd. | Investor Selling Shareholder | 7.06% | — |
| PayPal Pte. Ltd. | Investor Selling Shareholder | 5.98% | — |
| Actis Pine Labs Investment Holdings Limited | Investor Selling Shareholder | 5.75% | — |
| Mastercard Asia/Pacific Pte. Ltd. | Investor Selling Shareholder | 5.22% | — |
| Pine Labs Singapore | Promoter/Promoter Group | — | — |
| Peak XV Partners Pine Investment Holdings | Promoter/Investor | — | 106,023,431 Equity Shares post conversion |
| Peak XV Partners Pine Investment Holdings | Investor/Shareholder | 20.25% | — |
| Macritchie Investments Pte. Ltd. | Investor/Shareholder | 7.06% | — |
| PayPal Pte. Ltd. | Investor/Shareholder | 5.98% | — |
| Peak XV Partners Pine Investment Holdings | Promoter | — | — |
| Actis Pine Labs Investment Holdings Limited | Promoter | — | — |
| Macritchie Investments Pte. Ltd. | Promoter | — | — |
| PayPal Pte. Ltd. | Promoter | — | — |
| Mastercard Asia/Pacific Pte. Ltd. | Promoter | — | — |
| Lokvir Kapoor | Shareholder party to Shareholders' Agreement | — | — |
| Peak XV Partners Pine Investment Holdings | Shareholder | — | 24.61% (equity shares), 18.30% (CCPS) |
| Mastercard Asia/Pacific Pte. Ltd | Shareholder | — | 6.22% (equity shares) |
| — | — | — | — |
| Peak XV Partners Pine Investment Holdings | Selling Shareholder | 20.25% | — |
| Mastercard Asia/Pacific Pte. Ltd. | Selling Shareholder | 5.22% | — |
| PayPal Pte. Ltd. | Selling Shareholder | 5.98% | — |
| Macritchie Investments Pte. Ltd. | Selling Shareholder | 7.06% | — |
| Lokvir Kapoor | Selling Shareholder/Individual | 1.96% | — |
Leadership
B. Amrish Rau · Chief Executive Officer
Sameer Vasudev Kamath · Chief Financial Officer
Neerav Mehta · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.