PLURAL BY PINE LABS
New PoS deployment grows at slowest pace since demonetisation: RBI data
Industry insiders told us that while new PoS terminals are still being deployed, it’s mostly in organised and large format retail, which offer all payment forms. However, grocery shops, smaller stores and eateries are tilting towards QR code-based UPI transactions.
Payments firm Cashfree posts 75% jump in FY23 revenue, losses bloat to Rs 133 crore
Total expenses for Cashfree more than doubled to Rs 750 crore during the year, mainly on account of employee costs jumping to Rs 198 crore from Rs 96 crore in the previous fiscal.
Pine Labs FY23 revenue surges 56% to Rs 1,588 crore, losses dip marginally
Pine Labs majorly deploys point of sales terminals at retail merchant outlets and recently started its online ecommerce payments business too through its payment gateway solutions Plural.
As RBI lifts curbs, Razorpay, Cashfree eye lost market share
With both Razorpay and Cashfree back in the business, industry insiders said there could be a price war breaking out in the online merchant payment space.
RBI grants payment aggregator licences to Razorpay, Cashfree, others; FirstCry’s IPO details
While the payment aggregator licence was thought to be routine initially, for the likes of Razorpay and Cashfree, it makes a big impact as they step out of the ban on bringing in new customers.
RBI ban makes online payment aggregators seek alternative business lines
Razorpay, Cashfree, Paytm and PayU cannot add merchants for their online payments business, this has allowed their rivals to grab market share
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Mobikwik’s Zaakpay gets in-principle nod from RBI for payment aggregator licence
The central bank had rejected Zaakpay’s application for a payment aggregator licence last year. ET had reported earlier, citing sources, that failure to meet the RBI’s net-worth criterion was one of the reasons for the rejection.
Infibeam Avenues ups stake in Fable Fintech, sees PAT growth in Q1
The deal will take Infibeam’s stake in Fable to 41% and make it an associate company to the payments solutions provider.
Cashfree-owned Zecpe looks to expand offerings, rebrands to Ecom360
Ecom360 currently works with 1,500 merchants and offers them services such as return-to-origin reduction on returns, fraud detection and address pre-filling on checkout pages to help brands improve their shopping experience.
From Vellore to Barnala, small towns are new frontiers for premium products
Consumer companies across categories, such as Nestle, Domino's, McDonald's and Lotus Herbals have cited higher traction for premium products in tier-2, -3 and even tier-4 markets, leading much of the post-pandemic revival, adding this is happening despite inflation.
Premiumisation wave sweeps across India's small towns
The Indian ecommerce market is expected to reach ₹9 lakh crore by FY26, with customers from tier-2 and smaller cities driving most of the growth, consulting firm Redseer said in a report on Tuesday, released in collaboration with Plural by Pine Labs, a digital payments firm. Online shoppers are expected to grow by 50% in the coming three years to reach 300 million by FY26, Redseer partner Jasbir Juneja said in the report.
Paytm wins regulator extension for payment aggregator licence application
The banking regulator had in November last year asked Paytm to reapply for the licence within 120 days and stopped it from signing up new online merchants for the platform.
Exclusive: Rivals snag new users as top payment gateways hit by RBI freeze
Indian banks that have their white-label payment processing offerings have also seen a rise in merchant signups, industry executives told ET.
Rivals snag users from top payment gateways hit by RBI freeze; RoC seeks MCA nod to examine GoMechanic’s books
Payment aggregator CCAvenue has seen an 18% jump in new merchant sign-ups in the October-December period, while merchant addition tripled in six months for Pine Labs’ Plural. The increase in the share is pursuant to Razorpay, Cashfree Payments, PayU and Paytm pausing new sign-ups following an order from the Reserve Bank of India which has also rejected payment aggregator licence applications of some of these players.
RBI directs Razorpay to pause onboarding new merchants
Razorpay, Stripe and Pine Labs were granted in-principle approvals for payment-aggregator licences in July. In September, Cashfree had also received an in-principle nod from the banking regulator for its payment-aggregator licence.
Razorpay acquires rewards management company Poshvine
This is Razorpay’s fourth acquisition this year and the seventh overall. It comes close on the heels of its $200-million acquisition of offline point-of-sale (PoS) firm Ezetap in August this year
Fintech unicorn Razorpay acquires Ezetap in a cash-and-equity deal
Sources told ET that Razorpay has paid $150 million for the deal, of which $100 million will be cash payouts to Ezetap’s shareholders.
Pine Labs eyes $4-5 billion in monthly payments volume from new business
At that point, online payments should contribute 20% of revenue, Pine Labs chief executive Amrish Rau said, disclosing the company's targets for the first time since it entered online payments. Valued at $5 billion and with investors including Mastercard and Singapore's Temasek, Pine Labs has for years provided point-of-sale machines to offline merchants for card payments.
Digital payments provider Pine Labs acquires API infra firm Setu for $70-75 million
Post the acquisition, Setu will work independently and retain its brand entity and continue to serve its existing merchants and Pine Labs will enter into embedded finance, and gain access to Setu’s API infrastructure stack to extend newer services for its online merchant partners.
Tata Motors probing Nexon EV fire; Pine Labs acquires Setu
After a video showing a Nexon electric car on fire went viral on social media, Tata Motors said it has launched an investigation into the issue.
Pine Labs raises $50 million from PE major Vitruvian Partners at a valuation of $5 billion
Last month, it had closed a $150 million financing from Alpha Wave Global (previously Falcon Edge) which also included a secondary share sale. The company led by fintech veteran Amrish Rau was valued at over $5 billion post this funding.
Pine Labs raises $150 million from Alpha Wave
The first tranche of $75 million from Alpha Wave has already been disbursed, regulatory filings by the company in Singapore show. The news of Pine Labs raising the first tranche was first reported by Dealstreet Asia.
Pine Labs sharpens focus on online merchants with Qfix acquisition
For Amrish Rau-led Pine Labs, Qfix is the latest in a string of acquisitions ahead of its initial public offering (IPO) in the US. The fintech startup aims to raise $500 million at a valuation of $6-7 billion later this year.
Pine Labs in talks to acquire API infrastructure startup Setu
Setu’s technology stack is expected to help Pine Labs overhaul and refine its financial data infrastructure at a time when it is actively eyeing India’s digital lending space.
Latest Flipkart financials; SBI puts $20M in Pine Labs
Two key units of Flipkart's India business reported strong revenue growth in FY21, according to regulatory filings sourced from Tofler.
State Bank of India invests $20 million in Pine Labs
Pine Labs plans to invest in scaling its new product Plural, a payments gateway. The fintech startup is looking to list in the United States in the first half of 2022.
Falcon Edge may invest $100 million in Pine Labs ahead of mid-2022 IPO
According to people aware of its plans, Pine Labs is now looking to list in the US before the end of the first half of next year.
Ad giants' grip loosens; Indian VCs bet big on Web3
Alphabet and Meta's local units accounted for more than 85% of the equalisation levy collected by India in the financial year 2020.
Pine Labs appoints Flipkart's Phanimohan Kalagara as its new CTO
This development comes at a time when the company has raised nearly $800 million in less than twelve months and is now looking to make inroads into the online payments space with the launch of Plural.
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