StopDownOpen the app

Acquisition · Financial Services

Pine Labs acquires Shopflo in cash deal worth ₹88 Cr

By ·

Pine Labs logo
Date
Company
Pine Labs
What it does
Acquires Shopflo for ₹88 Cr
Kind
Acquisition
Amount
₹88 Cr
Sector
Financial Services

What they do

Pine Labs is a payments and commerce platform serving merchants

What happened

It acquired D2C checkout specialist Shopflo for ₹88 Cr in cash

Why it matters

The deal supports Pine Labs' goal to build a full-stack platform

The details

  • Pine Labs board approved the 100% acquisition of Shopflo Technologies.
  • The deal value is ₹88 Cr (approx $9.3 Mn).
  • Payment will be made in all-cash via two tranches.
  • Completion is expected within three months of approval.
  • No regulatory approvals are required as it is not a related party transaction.
  • This marks Pine Labs' first acquisition since its November 2025 listing.
  • Pine Labs previously acquired Setu in 2022 to strengthen online payments.
  • The move aligns with Pine Labs' strategy to unify offline and online commerce.

The bigger picture

  • Shopflo helps e-commerce brands optimize their checkout experience.
  • It serves over 1,000 clients, including Dot & Key and Nestasia.
  • The acquisition boosts Pine Labs' digital capabilities significantly.
  • Shopflo processes transactions for 60 million customers.
  • Pine Labs aims to become a full-stack payments and commerce platform.

About the business

  • Shopflo offers a D2C checkout optimization platform for ecommerce enablement.
  • Features include identity verification, analytics, and payment processing.
  • It provides shopping cart customization and discount management tools.
  • Shopflo reduces fraud and cash-on-delivery (COD) issues.
  • It claims a 15-20% increase in merchant conversion rates.
  • Shopflo's FY25 turnover was ₹14.7 Cr, up 61% from FY24.
  • Pine Labs reported ₹744.3 Cr operating revenue in Q3 FY25.
  • Pine Labs online payments revenue grew by ~50% YoY in Q3 FY25.
  • Pine Labs posted a profit of ₹42.4 Cr in Q3 FY25.

What happens next

  • Pine Labs will integrate Shopflo into its full-stack platform.
  • Shopflo founders will likely join Pine Labs' operations.

The deal

Type
acquisition

Investors

  • Tiger Global (lead) — Led Shopflo's seed round in 2022.
  • TQ Ventures (co-lead) — Participated in Shopflo's seed round in 2022.

Founders

  • Ankit Bansal, Co-founder
  • Priy Ranjan, Co-founder and CEO
  • Ishan Rakshit, Co-founder

Other articles talking about it

Read it as a card in the app

More on Pine Labs

Everything on Pine Labs →

Same day

All startup news on 25 April 2026 →