Stake sale · Financial Services

Alpha Wave sells Pine Labs stake for ₹550 Cr

By Startup Enthusiast · 2 September 2026

What they do

Alpha Wave Ventures II sold 3.1% stake via block deal led by ICICI Prudential Life Insurance

Alpha Wave retained roughly 4.85 Lakh shares after the sale

The company posted ₹19.6 Cr net profit in Q1 FY27 showing strong fourfold year-on-year growth

Alpha Wave Ventures II sold 3.54 Cr shares of Pine Labs through a block deal.
The transaction value was ₹550 Cr at a price of ₹155.10 per share.
This sale represented approximately 3.1% of the company's total equity.
ICICI Prudential Life Insurance led the buying side with 1.03 Cr shares worth ~₹160 Cr.
Other buyers included Societe Generale, Goldman Sachs, and several mutual funds.
Alpha Wave retained roughly 4.85 Lakh shares after completing this exit.
This follows recent exits by other investors like Actis and Altimeter Capital.
The lock-in period for major shareholders expired on May 13.

Alpha Wave has recently exited investments in Lenskart, Aye Finance, and Delhivery.
Previous sellers included Actis who exited for ₹522.6 Cr in June.
The share price closed at ₹162.32 on the BSE, reflecting investor confidence.
Share prices closed at ₹162.32 indicating stable market sentiment.

Pine Labs operates in the fintech sector focusing on merchant services.
The company facilitates digital payments and financial transactions for retailers.
It generates revenue through transaction fees and technology service charges.
Q1 FY27 operating revenue reached ₹736.9 Cr showing 20% YoY growth.
Full year FY26 operating revenue was ₹2,711 Cr with 19% growth.
The business scale expanded significantly from ₹737 Cr in Q1 FY26.
Profitability improved sharply with net profit rising to ₹19.6 Cr in Q1 FY27.
FY26 saw a turnaround from a ₹145 Cr loss in FY25 to ₹113 Cr profit.
The company serves a vast network of merchants requiring payment infrastructure.

Alpha Wave Ventures II (seller) — Venture capital firm exiting its stake in Pine Labs.
ICICI Prudential Life Insurance (lead buyer) — Major insurance provider investing in fintech equities.