New Delhi, April 27 -- Fintech firm Pine Labs Ltd, which listed on domestic bourses last year, has agreed to acquire Tiger Global-backed Shopflo Technologies, a direct-to-consumer checkout platform, in an all-cash deal.
The Noida-headquartered company will pay Rs 88 crore ($9.3 million) to acquire a 100% stake in the New Delhi-based software-as-a-service (SaaS) startup, according to its exchange filings. The deal is expected to be completed within three months.
Founded in 2021 by Priy Ranjan, Ankit Bansal and Ishan Rakshit, Shopflo offers an online checkout optimization platform used by more than 1,000 e-commerce brands, supporting over 60 million consumers.
Its last disclosed external fundraise was in 2022, when it secured $2.6 million (around Rs 20 crore then) in a seed round led by Tiger Global and TQ Ventures. Better Capital and a group of angel investors also participated at an undisclosed valuation. However, the company said it has raised a total of $3.7 million so far.
The deal is expected to provide an exit to existing investors and is likely to be at an upside to the previous round, given Shopflo's growth in recent years.
The company's revenue grew to Rs 14.7 crore in FY25 from Rs 9.1 crore a year ago, compared with Rs 0.63 crore in FY23.
The acquisition will enable Pine Labs to offer a unified commerce and payments platform for both offline and online merchants, bringing together payment infrastructure and purchase experience into a single system. The company will be able to offer payment and merchant solutions, online checkout, conversion optimization, and D2C growth tools, along with consumer engagement and retention capabilities.
"Commerce today is no longer defined by channels - merchants need a single, intelligent platform that can power both their offline and online journeys," said B Amrish Rau, CEO of Pine Labs.
"With the acquisition of Shopflo, we are taking a decisive step toward building a truly full-stack payments and commerce platform. This strengthens our ability to serve merchants end-to-end, from in-store payments to online checkout and beyond. That's how you build a merchant platform that matters," he added.
Published by HT Digital Content Services with permission from VC Circle.