As it prepares for its upcoming initial public offering (IPO) this year, fintech unicorn Pine Labs, backed by Peak XV, is expected to submit its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India by the end of this month.

Pine Labs, established in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, is a provider of payment solutions, offering businesses point of sales (PoS) devices and other payment options.  It assists companies in implementing rewards and cashback solutions.

As reported by Economic Times, sources have indicated that the payments solutions platform aims to generate funds through its IPO in the range of INR 5,000 Cr ($585 Mn) to INR 6,000 Cr ($700 Mn), with a potential valuation between $4 Bn and $5 Bn.  This reflects a 25% reduction from the $5 billion valuation assigned to the startup in 2022 at the lower end of the spectrum.

A source reportedly stated that the aim is “an IPO towards the end of the year, depending on market conditions.”

Related: Lenskart Becomes a Public Entity in Preparation for IPO

As Pine Labs approaches its market debut, reports indicate that Marc Mathenz, the group CFO, has submitted his resignation from the company.  According to Moneycontrol, Mathenz mentioned personal reasons for his exit and will be leaving the fintech unicorn in the next few weeks.

Mathenz, an alumnus of London Business School, became the group CFO of the company in 2021 after Sameer Maheshwary was shifted internally to a senior vice-president of capital markets position.  Mathenz was given the responsibility of managing and expanding Pine Labs’ international operations, particularly in the Asia Pacific region.

Although Mathenz’s successor has yet to be revealed, SVP Maheshwary has allegedly “pretty much led all of the IPO work”.

The fintech startup has raised close to $1.6 billion in funding to date, with backing from notable investors such as Actis Capital, Temasek, PayPal, and Mastercard.

Pine Labs’ net loss on the financial front escalated by 233% to INR 187.2 Cr in FY24, compared to INR 56.1 Cr in the previous year’s period.

In the fiscal being reviewed, operating revenue increased only 2.2%, reaching INR 1,309.6 Cr compared to INR 1,280.5 Cr in FY23.

Last June, the company began moving its domicile back to India and initiated plans for its IPO.  It was reported at that time that the company was considering a public listing worth $1 billion in the first half of fiscal year 2025-26 (FY26), with a valuation exceeding $6 billion.

It was reported that in September 2024, the fintech giant chose Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies as the investment banks to lead its IPO.  In March of this year, CEO Amrish Rau announced that the company plans to launch its IPO in the latter half of 2025.

As part of its preparations for going public, the company became a public entity after shareholders approved a name change from ‘Pine Labs Private Limited’ to ‘Pine Labs Limited’ last month.  The fintech platform confirmed in its filings that it was assessing options for raising further capital, including the possibility of an IPO.

Pine Labs subsequently appointed Amrita Gangotra and Smita Chandramani Kumar as independent directors on its board, effective March 24, 2025.

This means that the fintech unicorn has become part of the increasing number of Indian startups aiming for an exchange listing.  Only a day prior, reports indicated that Meesho, a major player in ecommerce, was aiming to submit its DRHP to SEBI within a few weeks using the confidential pre-filing method.

This month, Wakefit, a D2C startup specializing in furniture and mattresses, transitioned into a public company as part of its preparation for an IPO valued at INR 1,500–2,000 crore.  Amid reports of its discussions with bankers regarding a potential IPO valued at $7-8 billion, Lenskart, the omnichannel eyewear giant, also became a public entity. The IPO is estimated to be between $750 million and $1 billion.

Groww, a major player in invest tech, submitted its DRHP to SEBI through the confidential route last month, aiming to raise $700 million to $1 billion from the listing.