Acquisition · Financial Services
Pine Labs arm Setu gets RBI nod to buy Agya Technologies
By Startup Enthusiast ·
- Date
- Company
- Pine Labs
- What it does
- Merchant payment and fintech infrastructure
- Kind
- Acquisition
- Sector
- Financial Services
What they do
Pine Labs provides credit-based payment solutions at merchant outlets including EMI and pay later
What happened
RBI approved Setu, Pine Labs' fintech arm, to fully acquire NBFC Account Aggregator Agya Technologies
Why it matters
The acquisition brings account aggregator business fully under Pine Labs as regulated data sharing becomes critical for lending
The details
- The RBI approved Setu (BrokenTusk Technologies Pvt Ltd) to acquire 100% stake in Agya Technologies.
- Setu is the fintech infrastructure arm of Pine Labs.
- Agya Technologies is an NBFC Account Aggregator (NBFC-AA) that facilitates consent-based financial data sharing.
- Agya Technologies operated as an associate company of Setu before the acquisition.
- Pine Labs already held about 25% stake in Agya Technologies before the approval.
- Setu plans to complete the acquisition in the near future, possibly in one or more tranches.
- A public notice regarding the acquisition will be published in local and national newspapers as per RBI directions dated Nov 28, 2025.
The bigger picture
- The acquisition brings the account aggregator business fully under Pine Labs.
- Regulated data sharing infrastructure is becoming critical for lending and credit underwriting.
- Pine Labs acquired Setu in 2022-23 to enter fintech infrastructure.
- Pine Labs secured all three RBI digital payment licences: offline payments, online merchant payments, cross-border transactions.
About the business
- Pine Labs offers bill payments via Bharat Bill Payment System.
- Pine Labs focuses on credit-based payment solutions at merchant outlets including EMI and pay later.
- Pine Labs has onboarded over 1 million merchants.
- Pine Labs' overall transaction value grew 92% on-year to $48.2 billion in the quarter.
- Pine Labs listed on stock exchanges on November 14, 2025.
- Pine Labs' IPO price was Rs 221 per share, listing at Rs 242 (9.5% premium).
- Pine Labs' market capitalisation is about Rs 26,197 crore (approx $2.9 billion).
What happens next
- Setu plans to complete the acquisition in the near future, possibly in one or more tranches.
- A public notice regarding the acquisition will be published in local and national newspapers as per RBI directions.
The deal
- Type
- acquisition
Other articles talking about it
More on Pine Labs
- Pine Labs partners Google Cloud on AI agents24 September 2026 · Partnership
- Pine Labs' Setu president Anand Raisinghani resigns16 September 2026 · People
- Pine Labs partners with L & T Finance to launch agentic commerce on PLANET App9 September 2026 · Partnership
- Alpha Wave sells Pine Labs stake for ₹550 Cr2 September 2026 · Stake sale · ₹550 Cr
- Pine Labs appoints Jayaram Karthik as new COO2 September 2026 · People
- Pine Labs reports strong FY26 results with AI focus25 August 2026 · Results
- Pine Labs shifts strategy in first post-listing earnings call3 August 2026 · Results
- Pine Labs signs six lenders for SignalIQ29 July 2026 · Launch
Same day
- Amagi raises $100 million in Series G funding20 January 2026 · Funding · ₹1,788.62 crore
- Unbox Robotics raises $28M Series B round20 January 2026 · Funding · $28M
- Intellend raises $1.2M seed for merchant lending20 January 2026 · Funding · $1.2M
- Troovy raises $5 million in Series A round20 January 2026 · Roundup · $5 million
- For Real raises ₹3.2 crore from Titan Capital20 January 2026 · Funding · ₹3.2 crore
- Cumin Co raises $5m pre-series A to expand manufacturing20 January 2026 · Funding · $5M