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Partnership · 29 September 2026Pine LabsPayments and gift card technologypinelabs.com ↗

Pine Labs extends Woolworths gift card partnership

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PartnershipFinancial ServicesNoidaFounded 1998
  • Pine Labs provides payment and card technology, and its Qwikcilver unit runs gift card programmes for large retailers
  • It extended its five-year partnership with Australian retailer Woolworths Group, adding deeper API links and new digital stored-value features
  • The listed company's Q1 FY27 revenue rose 20% to ₹737 crore, and profit grew fourfold to ₹20 crore

What happened

  • Pine Labs extended its technology partnership with Woolworths Group, announced on 29 September 2026.
  • It runs Woolworths' gift card programmes through its Qwikcilver unit.
  • The deal adds deeper API integrations and more platform features.
  • It supports new digital stored-value uses.
  • The two have worked together for about five years.

Why it matters

  • Qwikcilver handles the full life of a gift card, from issue to transactions.
  • CEO B Amrish Rau called it long-term infrastructure for the retailer.
  • Revenue grew 20% to ₹737 crore in the April–June quarter.

The business

  • Pine Labs sells card machines and in-store payment devices that let shops take card and app payments.
  • It also offers online payment links and gateways, plus prepaid products such as gift cards, brand wallets and forex cards.
  • Customers are merchants, brands, banks and fintech firms across retail, health, education, food and hospitality.
  • It earns money from fees on payments it processes and from platform services sold to merchants and financial institutions.
  • It added buy-now-pay-later (pay in instalments) options so shoppers can spread the cost at checkout.
  • It works in India, Southeast Asia and the Middle East, and handled about 11 lakh+ merchants in FY26.

The founders

LK

Lokvir Kapoor

  • – co-founder and executive chairman; IIT Kanpur mechanical engineer with an IIM Bangalore MBA, earlier at Schlumberger in finance and business development.
RG

Rajul Garg

  • – co-founder; led the company as CEO for over five years, later co-founded GlobalLogic and became an angel investor.
TU

Tarun Upadhyay

  • – co-founder of Pine Labs in 1998.
AR

Amrish Rau

in
  • – chief executive, and managing director and chairman since March 2025;

In numbers

₹2,710.6 croreOperating revenue · FY26
₹112.5 croreNet profit · FY26
11 lakh+Merchants · FY26
20.3 lakhCheckout points · FY26
$194 billionTransaction volume · FY26

Earlier rounds

  • 2021 (Sep) – about $100 million led by Invesco.
  • 2022 (Mar) – about $700 million raised in rounds at a $3.5 billion valuation, including a $100 million pre-IPO placement; Alpha Wave put in $150 million at a reported $5 billion post-money.
  • 2025 (Nov) – anchor round of ₹1,753 crore at ₹221 per share before the IPO.
  • 2025 (Nov) – IPO of ₹3,899.91 crore (₹2,080 crore fresh issue plus 8.23 crore shares for sale), listed on NSE and BSE on 14 November 2025.

Up against

RazorpayPayUCCAvenuePaytmBharatPeMswipe

Words to know

Stored value
Money held on a card or account that can be spent later, like a gift card.

Read it as a card in the app

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