Pine Labs buys Tiger Global-backed Shopflo
27 Apr 2026, 12:15 PMPine Labs, which got listed on the bourses last year, has earlier acquired companies including Setu, Fave and QwikCilver.
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Payments major Pine Labs has acquired Shopflo Technologies, a checkout solutions provider catering to direct-to-consumer brands, in an all-cash transaction worth up to Rs 88 crore.
The deal is expected to close within the next three months, as per filings with the stock exchanges.
Shopflo was set up in December 2021 by Priy Ranjan, Ankit Bansal, and Ishan Rakshit with a focus on making the online checkout experience smoother for e-commerce brands, helping them cut cart abandonment and push up payment success rates.
In 2022, Shopflo had said that it had become the first startup to receive seed funding from Tiger Global at a pre-product stage. It had also received backing from TQ Ventures and Better Capital along with angel investors.
Shopflo's revenue increased from Rs 0.63 crore in FY23 to Rs 9.1 crore in FY24 and to Rs 14.7 crore in FY25. The platform currently serves over 1,000 online brands and has processed transactions for more than 60 million consumers, with merchants reporting conversion rate improvements in the 15–20% range.
"With the acquisition of Shopflo, we are taking a decisive step toward building a truly full-stack payments and commerce platform," said B Amrish Rau, CEO, Pine Labs.
"This strengthens our ability to serve merchants end-to-end, from instore payments to online checkout and beyond. That's how you build a merchant platform that matters," he added.
Pine Labs, which got listed on the bourses last year, has earlier acquired companies including Setu, Fave and QwikCilver.
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