Pine Labs Nears Rs 1,600 Crore In Revenue In FY23, Losses Narrow

Fintech unicorn Pine Labs Ltd. posted a significant growth in top-line in FY23, alongside a narrowing of losses.

The Singapore-headquartered company reported a revenue from operations of Rs 1,588 crore during the year, up from Rs 1,017 crore in FY22. Its losses narrowed to Rs 227.5 crore from Rs 259 crore last fiscal, according to filings sourced via TheKredible.

Geographically, its revenue from Singapore came in at Rs 63.5 crore, down from Rs 68.4 crore; while India operations grew to Rs 1,452.2 crore, from Rs 915 crore in FY22.

Notably, the company's losses declined despite a growth in expenses, thanks to additional deferred tax credit worth around Rs 62 crore. Its expenses rose to Rs 1,981 crore in FY23, from Rs 1,371 crore in FY22.

Founded in 1998, Pine Labs offers solutions related to transaction processing, payments, gifting and petroleum retail automation. It also sells branded point-of-sale machines, such as soundboxes and card swipe machines.

It has three operating segments—digital payments, issuing and consumer app. Under the digital payments head, it has brands such as Pinelabs, Qfix, Mosambee, Benow, and Setu—that are payment platforms available to merchants.

Under the issuing segment, it provides a technology platform to issue, process, and distribute prepaid cards. And under the consumer app segment, it operates an app branded Fave, which enables users to pay and save. Fave primarily operates in Malaysia, Singapore and Indonesia, and has now started operations in India.