1. Business Model and Operations

Pine Labs Limited is a technology company focused on digitizing commerce. The Company provides an extensive range of digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.

The offerings are categorized into two primary operating segments:

A. Digital Infrastructure and Transaction Platform (DITP)

This segment includes technology platforms (such as "Pinelabs," "Mosambee," "Benow," "Setu," “Qfix,” and “Fave”) used by merchants for enabling in-store or online digital payments.

• Platform Functionality: The DITP enables payment acceptance through various methods, including cards, UPI, wallets, QR codes, loyalty programs, and "pay later" solutions.

• Monetization: Revenue is generated through subscription-based or transaction-based fees charged to ecosystem partners, including merchants, acquiring and issuing banks, NBFCs, and consumer brand partners. Revenue is also derived from the sale of Digital Check-out Points (DCPs) devices and related services.

B. Issuing and Acquiring Platform (IAP)

This segment focuses on the issuance and management of payment instruments.

• Prepaid Products: The platform supports merchants, brands, and enterprises in creating prepaid products (like gift cards) intended to drive sales. In Fiscal Year 2025, the Company was the largest player in closed and semi-closed loop gift card issuances in India, measured by transaction value.

• Financial Institution Services: The Company offers technology infrastructure to financial institutions to assist them in issuing instruments such as credit, debit, forex, and prepaid instruments to consumers, alongside offering merchant acquiring services.

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2. Revenue Sources

Pine Labs generates revenue from its two main operating segments.

• Geographic Revenue: Revenue from external customers generated outside India constituted 14.85% of the total revenue from operations for Fiscal 2025, amounting to ₹ 337.76 crore.

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3. Ownership Structure

Promoter Status

Pine Labs Limited does not have an identifiable promoter under the SEBI ICDR Regulations and the Companies Act, 2013. Consequently, the Company does not have a promoter group. This status is confirmed following the Scheme of arrangement pursuant to which the shares held by the erstwhile holding company, Pine Labs Limited, Singapore, were cancelled effective June 6, 2025.

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4. Objects of the Issue (Fresh Issue)

The Initial Public Offer comprises a Fresh Issue and an Offer for Sale (OFS). Pine Labs Limited will receive the proceeds only from the Fresh Issue, which aggregates up to ₹ 2,080.00 crore. The Company proposes to utilize the Net Proceeds from the Fresh Issue for the following purposes: