Pine Labs Acquires Shopflo in Rs 88 Crore Deal

Pine Labs Acquires Shopflo Technologies for Up to Rs 88 Crore

Fintech firm Pine Labs has made a significant move in the Indian market with the acquisition of a 100% stake in Shopflo Technologies, a direct-to-consumer (D2C) checkout platform, in an all-cash transaction valued at up to Rs 88 crore. The deal was announced through filings with the Registrar of Companies (RoC).

Founded in December 2021, Shopflo Technologies has developed a range of checkout infrastructure and e-commerce enablement tools aimed at improving conversion rates for online brands. The platform provides checkout optimization tools, analytics, and e-commerce solutions designed to reduce cart abandonment and improve payment success rates. These capabilities will complement Pine Labs' existing payments infrastructure, positioning the company as a full-stack payments and commerce platform.

Pine Labs' acquisition of Shopflo Technologies is a strategic move towards building a comprehensive platform that can power both offline and online journeys. According to CEO Amrish Rau, the acquisition is a decisive step towards achieving this goal. The company serves over 1,000 online brands and has facilitated transactions for more than 60 million consumers, with merchants reporting a 15-20% improvement in conversion rates.

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Shopflo Technologies has gained significant attention in the past, including an early investment from Tiger Global in 2022. The company has raised around $3.7 million from investors including Tiger Global, TQ Ventures, and Better Capital.

Financial Performance Comparison

Pine Labs has been EBITDA positive for the past five years, with adjusted EBITDA rising to Rs 355 crore in FY25 from Rs 155 crore in FY24. The company has recently turned PAT positive, reporting a net profit of over Rs 4 crore in the first three months of FY26. CEO Amrish Rau has stated that the profitability trend is expected to sustain despite continued investments in technology and product development.

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