Pine Labs introduced UPISetu, a UPI-focused platform for businesses and developers, in collaboration with Axis Bank, aiming to simplify and enhance UPI payment integration.
UPISetu provides comprehensive UPI functionalities via APIs, including QR code payments, UPI Autopay, EMI, and features such as brand offers, dispute resolution, and instant cashbacks.
Pine Labs reported a 37% revenue increase to INR 1,280 Cr in FY23, though its net loss doubled to INR 56.2 Cr. The company is also said to be preparing for a $1 Bn IPO in India, following recent expansions and strategic shifts.
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Fintech unicorn Pine Labs has rolled out a platform for businesses and developers to offer them with a unified solution for UPI payment integration.
The platform, UPISetu, was set up in partnership with Axis Bank, the company said in a statement.
UPISetu offers APIs for various UPI functionalities, including QR code payments, UPI Autopay, EMI and third-party validation. It also includes features like brand offers, dispute resolution and instant cashbacks.
“UPISetu addresses the need for a dedicated platform that leverages UPI’s full potential to deliver the latest NPCI innovations fastest to the market,” said B Amrish Rau, chief exeutive of Pine Labs.
Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs provides a number of payment solutions like point of sales devices and payment systems to businesses. It also offers other solutions like pay later and rewards and cashback to businesses.
The company counts Peak XV Partners, Actis Capital, Temasek, PayPal, Mastercard, Alpha Wave Global, Chimera Capital and State Bank of India among its investors.
Pine Labs has been expanding its offerings and partnerships in recent months.
For instance, in May, the company partnered with Emirates NBD to provide digital payment solutions in the UAE. Pine Labs’ Credit+ platform will be used by Emirates NBD for merchants acquiring processing solutions.
The fintech firm is also in the process of shifting its domicile back to India. In May, Pine Labs received approval from a Singapore court to merge its Singapore entity with the Indian entity. The company is awaiting approval from the National Company Law Tribunal in India.
The company is eyeing an initial public offering (IPO) of $1 Bn in India. It is likely to seek a valuation of over $6 Bn for the IPO. This marks Pine Labs’ second attempt at going public, following a deferred US listing plan in 2022.
Pine Labs reported revenue growth of 37% to INR 1,280 Cr in FY23. However, its net loss more than doubled to INR 56.2 Cr in the same period.
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