Pine Labs, once known primarily as a point-of-sale hardware provider, has transformed into a software and services powerhouse. With 71% of its revenue now coming from transaction processing, consumer financing, and online payments, the company’s evolution underscores its ambition to be a leading fintech platform ahead of its India IPO.
Pine Labs, India’s pioneering fintech player, has undergone a remarkable transformation. Founded in 1998 as a provider of card-based payment solutions, the company was long associated with POS terminals. Today, however, it is redefining itself as a software and services platform, with subscription and rental revenues from hardware shrinking to just 29% of total revenue, down from over 40% two years ago.
The shift was highlighted during Pine Labs’ first earnings call since going public, where CEO Amrish Rau emphasized that the company is now driven by transaction processing fees, consumer financing partnerships, online payment solutions, and prepaid card services. This pivot reflects Pine Labs’ strategy to capture the booming digital payments ecosystem across India, Southeast Asia, and the Middle East.
Major Takeaways
Revenue Mix: 71% now comes from software and services; hardware contributes only 29%.
IPO Milestone: Pine Labs debuted on Dalal Street in November 2025, backed by Temasek, Mastercard, PayPal, and Peak XV Partners.
Global Reach: Serves over 1.5 million merchants across retail, hospitality, and e-commerce.
Strategic Evolution: From hardware-focused beginnings to a full-stack fintech platform.
Future Outlook: Positioned to leverage consumer financing and online payments as growth drivers.
Conclusion
Pine Labs’ journey from a POS pioneer to a fintech innovator reflects the broader evolution of India’s digital payments sector. With strong investor backing and a diversified revenue model, the company is poised to play a central role in shaping the future of merchant solutions and financial technology.
Sources: YourStory, LinkedInLinkedIn, ISFM IPO Review