Stake sale · Financial Services

Two early backers sell Pine Labs shares worth ₹568 Cr

What they do

Pine Labs provides POS machines, payment gateways, and fintech infrastructure to businesses

Altimeter Capital sold shares worth ₹211.08 Cr on May 27, 2026, and Madison India Capital sold shares worth ₹356.86 Cr on May 22, 2026

The sales came after Pine Labs' IPO lock-in period expired and the stock hit an all-time low

Altimeter Capital sold 1.56 crore shares of Pine Labs via a block deal worth ₹211.08 crore.
The deal price was ₹135.21 per share, a 7% discount to the previous closing price of ₹145.80.
Madison India Capital sold 2.48 crore shares via a separate block deal worth ₹356.86 crore.
Madison's deal price was ₹144 per share, a 0.8% premium to the previous close.
Buyers included SBI Mutual Fund, Nippon India Mutual Fund, Franklin Templeton, HSBC Mutual Fund, ICICI Prudential, Tata Mutual Fund, and Morgan Stanley.
The sales occurred on May 22, 2026, just after Pine Labs' IPO lock-in period expired on May 13, 2026.
Pine Labs stock hit an all-time low of ₹134.75 on May 27, 2026, before closing at ₹145.80.

Altimeter Capital was an early backer since 2018 and held 1.59 crore shares (1.39% stake) before the sale.
Madison India Capital was an early backer since 2016 and had sold shares during the IPO at a 5.6X return multiple.
Post-deal, Altimeter's holding fell below 1%, and Madison sold nearly its entire holding.
The sales came as Pine Labs reported its first full fiscal year of profitability in FY26.

Pine Labs is a fintech company that provides POS machines, payment gateways, and fintech solutions for businesses.
Its products include in-store payments, online payments, affordability solutions, UPI, cross-border payments, prepaid cards, gift cards, credit processing, and fintech infrastructure.
It serves banks, governments, fintechs, startups, D2C brands, and various industries.
Pine Labs operates in India, Malaysia, UAE, and the US.
In FY26, it reported revenue of ₹2,710.6 crore (up 19% YoY) and net profit of ₹112.5 crore (vs loss of ₹145.5 crore in FY25).

Altimeter Capital (seller) — US-based VC firm, early backer of Pine Labs since 2018.
Madison India Capital (seller) — PE firm, early backer of Pine Labs since 2016.
SBI Mutual Fund (buyer) — Indian mutual fund, bought 1.32 crore shares worth ₹177.79 crore.
Nippon India Mutual Fund (buyer) — Indian mutual fund, bought 70 lakh shares worth ₹94.50 crore.
Franklin Templeton (buyer) — Global asset manager, participated in Madison block deal.
HSBC Mutual Fund (buyer) — Indian mutual fund, bought 61.73 lakh shares worth ₹88.89 crore.
ICICI Prudential (buyer) — Indian asset manager, participated in Madison block deal.
Tata Mutual Fund (buyer) — Indian mutual fund, participated in Madison block deal.
Morgan Stanley (buyer) — Global investment bank, participated in Madison block deal.