Pine Labs Acquires Shopflo in INR 88 Cr All-Cash Deal

Fintech firm Pine Labs has acquired a 100% stake in Shopflo Technologies, a D2C checkout platform, in a deal valued at up to INR 88 crore. The transaction, which is entirely in cash, is expected to be completed within three months, according to a regulatory filing.

Founded in December 2021, Shopflo develops checkout infrastructure and e-commerce enablement tools designed to improve conversion rates for online brands. The company has reported steady revenue growth, with earnings of INR 14.7 crore in FY25, compared to INR 9.1 crore in FY24 and INR 0.63 crore in FY23.

Pine Labs said the acquisition will enable it to offer a more integrated platform for merchants, covering offline payments, online checkout and customer engagement. The move is part of the company’s broader strategy to build a full-stack commerce and payments ecosystem.

Shopflo provides checkout optimisation tools, analytics and e-commerce solutions aimed at reducing cart abandonment and improving payment success rates. These capabilities are expected to complement Pine Labs’ existing payments infrastructure.

The startup currently serves more than 1,000 online brands and has facilitated transactions for over 60 million consumers. According to the company, merchants using its platform have reported improvements in conversion rates ranging between 15% and 20%.

Shopflo was founded by Priy Ranjan, along with Ankit Bansal and Ishan Rakshit. It gained early attention in 2022 when Tiger Global made its first seed investment in India through the company. To date, Shopflo has raised about USD 3.7 million from investors including Tiger Global, TQ Ventures and Better Capital.

Pine Labs has also reported growth in its online payments segment, with revenue rising about 50% year-on-year to INR 744 crore in the third quarter of FY26, compared to INR 601 crore a year earlier. The company posted a net profit of INR 42 crore during the quarter, against a loss of INR 57 crore in the same period last year.