Explore the latest news, in-depth reports, and executive analysis tagged with #Pine Labs.
ICICI Prudential Life Insurance Company was the largest buyer in the transaction, acquiring 1.03 crore shares worth nearly Rs 160 crore.
Karthik brings more than 25 years of experience spanning operations, technology, analytics, and risk management.
The fintech firm recorded a net profit of Rs 19.57 crore in Q1 FY27, up more than fourfold from Rs 4.79 crore in the corresponding quarter last year.
The latest sale comes just days after Actis offloaded another 0.86% stake in Pine Labs for about Rs 152 crore.
Before the sale, Actis held a 4.58% stake in Pine Labs as of March 2026.
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Kumar launched Setu in 2018 alongside Sahil Kini after previously cofounding customer feedback startup Voyce.
The buyers in the transaction included SBI Mutual Fund and Nippon India Mutual Fund.
The company posted a net profit of Rs 112.5 crore in FY26 against a net loss of Rs 145.5 crore in the previous financial year.
This is the second major monetisation by Madison India Capital from its decade-old investment in Pine Labs.
![Cashfree in acquisition talks with Pine Labs, Paytm [Exclusive]](/upload/theheadandtale.com/2026/05/1779707445_46c9125b8c_cashfree.jpg)
Cashfree, which had attracted fresh venture funding early last year, has been on the block for the last three to four months.
With a locally incorporated entity, Pine Labs already has a presence in the Philippines.
Pine Labs, which got listed on the bourses last year, has earlier acquired companies including Setu, Fave and QwikCilver.
Chandani has resigned to pursue other career opportunities outside the company with effect from April 6.
In his new role, Verma will focus on driving merchant adoption, strengthening distribution, and scaling the company’s offline payments ecosystem.
![The untold story behind Pine Labs' multi-year OMC contracts [Exclusive]](/upload/theheadandtale.com/2026/03/1772442637_95355ba037_pinelabs_lead.jpg)
The IOCL, BPCL and HPCL deals reflect a quiet realignment in PSU fuel payment mandates.
Last year, OpenAI had partnered with another Indian fintech company Razorpay and NPCI to launch agentic payments on ChatGPT and explore AI-driven commerce in India.
The tax issue traces back to Pine Labs' 2019 purchase of Qwikcilver Solutions.
It posted a net profit of Rs 42 crore in Q3 FY26 compared to Rs 57 crore in net losses in Q3 FY25.
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