The Indian Wire » Startups » Pine Labs revenues grow 55% to ₹302 crore, while slipping into loss, in FY18

Pine Labs revenues grow 55% to ₹302 crore, while slipping into loss, in FY18

Noida-based point-of-sale (POS) retail solutions provider Pine Labs, posted ₹302 crore in standalone revenue in FY18, growing by 55% from ₹195 crore in FY17.

Revenues generated from the sale of services stood at ₹286.59 crore in FY18, making up 95% of the overall revenues, up by 60% from ₹179 crore in FY17.

While there was a growth in revenue numbers, the startup registered a loss of ₹2.51 crore in the current fiscal, after registering a profit of ₹3.80 crore in FY17.

A contributing factor towards the loss was the growing employee benefit expenses, which stood to ₹153.53 crore, growing 85% from ₹82.8 crore in FY17. While other expenses saw a growth of 48%, to reach ₹94.7 crore.

Pine Labs was founded by Rajul Garg and Tarun Upaday in 1998. The startup has enabled merchants and customers engage in seamless transactions through its platform. It has partnered with more than 85,000 retailers and offers solutions like Instant EMI, Instant Discounts, Cash Back Programs, PaybyPoints, Loyalty Solution, and Gift Solution.

With business across five regions including India, UK, USA, Middle East and Southeast Asia, Pine Labs is looking to further expand presence to Philippines, Indonesia and Sri Lanka over the next three quarters.

In May 2018, Pine Labs raised $125 million in a secondary transaction from Singapore-based Temasek Holding and PayPal. Pine Labs has raised more than $200 million across all funding rounds, according to Crunchbase. It also counts Sequoia Capital India, Actis, and Madison India Capital, among its backers.

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