Pine Labs DRHP: A Look At The Shareholding Pattern & Top Leaders

In a step towards going public, fintech unicorn Pine Labs filed its draft red herring prospectus (DRHP) earlier this week to raise up to INR 2,600 Cr via a fresh issue.

The initial public offering (IPO) will also see an offer for sale of up to 14.78 Cr shares by several marquee investors, including Mastercard, Peak XV Partners, Macritchie Investments (Temasek), PayPal and cofounder Lokvir Kapoor.

The 648-page DRHP offers a deep dive into the company’s capital structure. At the time of filing, Peak XV Partners Pine Investment Holdings topped the shareholding chart with a 20.35% stake. Singapore-based Macritchie Investments held 7.10% stake, followed by PayPal (6%) and Actis Pine Labs Investment Holdings (5.78%).

Global payments giant Mastercard’s Asia/Pacific arm owns 5.24% stake in the company. Other institutional investors include Alpha Wave Ventures II (3.39%), Invesco’s AIM Investment Funds (2.84%) and Madison India Opportunities IV (2.67%).

On the leadership front, Pine Labs CEO B Amrish Rau holds 2.35% stake, while founder Lokvir Kapoor and CTO Sanjeev Kumar own 1.97% and 1.01% stakes, respectively. 

The DRHP also outlined that the fintech major allotted 2.32 Cr shares to its CEO Rau between January 1 and June 25, 2025. 

 

Founded in 1988 by Kapoor, Rajul Garg and Tarun Upadhyay, Pine Labs started by offering card-based payment solutions for the retail petroleum industry. Over time, it shifted its focus to the broader retail sector and became a leading provider of point-of-sale (PoS) technology.

Today, Pine Labs serves more than 9.2 Lakh merchants, 666 consumer brands and enterprises, and 164 financial institutions across India, Southeast Asia, and the Middle East. It offers a wide range of financial and technology solutions.

The company has raised nearly $1.6 Bn to date from the likes of Actis Capital, Temasek, Lone Pine Capital, Fidelity, BlackRock, among others. The fintech unicorn may consider raising INR 520 Cr in its pre-IPO round.

Pine Labs Turns Profitable 

The fintech company plans to use the proceeds from the fresh issue to repay or prepay debt availed by it. A total of INR 870 Cr will go toward the repayment or prepayment of existing borrowings. Of this, INR 734.67 Cr will be used to repay Pine Labs’ debt, INR 45.56 Cr for subsidiary Synergistic and INR 89.76 Cr for Cashless Technologies. 

It will use INR 760 Cr for investment in its IT assets, expand its cloud infrastructure, and other technology development initiatives. Besides, INR 60 Cr will be invested in its subsidiaries Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding presence outside India.

While Pine Labs is grappling with tax and legal challenges amounting to over INR 300 Cr, it demonstrated strong growth and a turnaround in profitability in the first nine months of FY25 (9M FY25). 

Its revenue rose 32.9% to INR 1,675.6 Cr in 9M FY25 from INR 1,260 Cr in the same period last year. Like many other startups filing for IPO, Pine Labs also turned profitable with a net profit of INR 26.1 Cr during the period under consideration against a net loss of INR 151.6 Cr in the same period last year.

The DRHP also shed light on its leadership group, the board of directors responsible for strategic decision-making and the key managerial personnel who lead the day-to-day operations of the company. Lets look at their background, experience and remunerations. 

Pine Labs’ Top Deck

Board of Directors

Amrish Rau

Rau is the chairman, managing director, and chief executive officer of the company. He has been associated with Pine Labs Singapore since March 3, 2020, and with the company since March 24, 2025. Rao also founded Citrus Payment Solutions, which was acquired by Pine Labs in 2016 for $130 Mn. He also worked with First Data India and NCR Corporation India.

He received a remuneration of INR 3.7 Cr in fiscal 2025 from Pine Labs Singapore and Pine Labs Investments Pte. Ltd.

Kush Mehra

Kush Mehra is an executive director and the president and chief business officer – digital infrastructure and transaction platform of the company. He has been associated with the company since May 15, 2012. He has experience in the payments and fintech sector and was previously associated with Visa and American Express. He received a remuneration of INR 2.29 Cr in fiscal 2025.

Shailendra Jit Singh

Shailendra Jit Singh is a non-executive nominee director on the company’s board. He has over 19 years of experience in investment and financial services. He is currently the managing director at Peak XV Partners Pte. Ltd. He has been associated with the company for over 15 years.

Amrita Gangotra

Amrita Gangotra is an independent director of the company. She has been associated with the company since March 24, 2025. She has experience in technology, innovation, entrepreneurship, and business leadership, and is currently with Ityukt Digital Solutions LLP. She received a remuneration of INR 1 Lakh in fiscal 2025.

Maninder Singh Juneja

Maninder Singh Juneja is an independent director of the company. He has experience in banking, financial services, private equity, and risk management. He is currently a partner at True North. He received a remuneration of INR 1 Lakh in FY25.

Smita Chandramani Kumar

Smita Chandramani Kumar is an independent director of the company. She has been associated with the company since March 24, 2025. She has experience in corporate governance, banking regulation, supervision, and risk management. She was previously associated with the Reserve Bank of India. She received a remuneration of INR 1 Lakh in FY25.

Key Managerial Personnel

Marc Kay Mathenz

Marc Kay Mathenz is the chief financial officer of the company. He has been associated with Pine Labs Singapore since April 19, 2021, and with the company since June 13, 2025. He has experience in financial planning, legal, enterprise risk, and compliance. He received a remuneration of INR 36.96 Mn in fiscal 2025 from Pine Labs Singapore and Pine Labs Investments Pte. Ltd., and no remuneration from the company.

Mathenz has tendered his resignation and his last working day will be August 31, 2025 or such other date as may be mutually agreed between him and the company, as per the draft papers.. 

Neerav Mehta

Neerav Mehta is the company secretary and compliance officer of the company. He has been associated with the company since January 16, 2023. He has experience in corporate governance and compliance. He received a remuneration of INR 0.5 Cr in FY25.

Anand Raisinghani

Anand Raisinghani is the president and chief business officer of Setu, a subsidiary of the company. He has been associated with the company since April 1, 2024. He has over 25 years of experience in the technology sector. He received a remuneration of INR 1.5 Cr in FY25.

Navin Ashok Kumar Chandani

Navin Ashok Kumar Chandani is the president and chief business officer – issuing of the company. He has been associated with the company since February 6, 2023. He has over 20 years of experience in payments and financial services. He received a remuneration of INR 2.7 Cr in FY25.

Sameer Maheshwary

Sameer Maheshwary is the chief capital markets officer of the company. He has been associated with the company since January 7, 2019. He has over 25 years of experience in investor relations, fundraising, and capital markets. He received a remuneration of INR 2.2 Cr in FY25. 

Sanjeev Kumar

Sanjeev Kumar is the chief technology officer – digital infrastructure and transaction platform of the company. He has been associated with the company from April 1, 2007, to November 30, 2022, and again since July 5, 2024. He has experience in payments technology. He received a remuneration of INR 1.4 Cr Mn in FY25.

Sumit Chopra

Sumit Chopra is the chief operating officer – digital infrastructure and transaction platform of the company. He has been associated with the company since May 3, 2021. He has experience in digital payments and operations. He received a remuneration of INR 2.1 Cr in FY25.

Vijayalakshmi Swaminathan

Vijayalakshmi Swaminathan is the chief people officer of the company. She has been associated with the company since May 11, 2022. She has over 23 years of experience in human resources, talent development, and learning. She received a remuneration of INR 2.0 Cr Mn in FY25.