New Delhi, Sept. 23 -- Pine Labs is seeing a gradual change in its investor base less than a year after going public. Some of its early institutional backers are reducing their holdings, while mutual funds, insurers and foreign institutional investors are taking their place.

Mastercard is the latest, and one of the more significant, investors to make a complete exit.

The payments major sold its entire 4.31% stake in Pine Labs for about Rs.934 crore through transactions on the BSE on Tuesday. Mastercard Asia/Pacific Pte Ltd offloaded 4.97 crore shares at an average price of Rs.187.75 per share.

The transaction comes at an interesting point for Pine Labs. Its shares remain more than 15% lower on a year-to-date basis, but have gained over...