Pine Labs, a fintech startup from Gurugram, India, is going public this week with a valuation of about ₹254 billion (around $2.9 billion), significantly lower than its previous valuation of over $5 billion in 2022. The IPO price band is set between ₹210 and ₹221 per share, which reflects a 40% drop. To adjust for market conditions, Pine Labs has reduced its primary offering by 20% to ₹20.8 billion (approximately $234 million) and cut the offer for sale by 44%, from 148 million shares to 82.3 million. Major investors like PayPal, Mastercard, and Temasek Holdings are selling portions of their stakes during this offering. CEO Amrish Rau emphasized the need for goodwill and investor support during the IPO process. Pine Labs has evolved from providing point-of-sale terminals to offering a wider range of services, including bill payments and account aggregation. Currently, about 70% of its revenue comes from digital infrastructure and transaction services, while the remainder is from its issuing and acquiring businesses. The company serves over 980,000 merchants and has expanded into 20 countries, including Malaysia and the U.S. Its international revenue grew by nearly 58% between 2023 and 2025, highlighting its ambition to expand globally. Pine Labs turned a profit in the June quarter, reporting a net profit of ₹47.86 million (about $540,000) compared to a loss the previous year. Its overseas operations contributed about 15% to total revenue, indicating a growing footprint outside India. The company competes with established names like Razorpay and Paytm in the Indian market. Pine Labs' IPO is part of a broader trend, with several Indian tech companies, including Groww, Lenskart, and Meesho, also preparing to go public this year.