Mastercard Asia-Pacific Pte. Ltd is likely to sell 4.97 crore shares, or a 4.3% stake, in Noida-based fintech firm Pine Labs Ltd. through a block deal, sources said. The holder is seeking to raise ₹892.5 crore, with the floor price set at ₹179.50 per share, representing a discount of up to 7.3%, sources added.
In September 1 this year, a block deal worth as much as ₹560.3 crore had been launched in Pine Labs, with Alpha Wave Ventures II, LP and Alpha Wave India I LP looking to sell their entire holdings in the fintech company. The floor price has been set at ₹153.50 a share, a 4% discount to Pine Labs' September 1 closing price of ₹160.40.
First Quarter ResultsPine Labs' consolidated net profit nearly quadrupled year-on-year to ₹19.6 crore from ₹5 crore, while revenue from operations increased by 19.6% to ₹737 crore from ₹616 crore last year. Earnings Before Interest, Tax, Depreciation and Amortisation more than doubled to ₹95 crore from ₹44.6 crore a year ago, while EBITDA margin expanded to 12.9% from 7.2%.
The company's digital infrastructure and transaction platform remained its largest business, contributing ₹499.1 crore in revenue, while the issuing and acquiring platform generated ₹237.8 crore. The company processed gross transaction value of around ₹4.22 lakh crore during the quarter, while its digital checkout points base grew 18% year-on-year to 21.7 lakh.
More than 70% of transactions on its platform were routed through UPI. Pine Labs said merchant digitisation continued to accelerate during the quarter. Flow, affordability and transaction processing GTV increased more than 54% year-on-year to ₹91,000 crore, UPI GTV grew over 80%, while dynamic currency conversion GTV rose more than 40%.
Pine Labs also added over 40 online merchants across quick commerce, e-commerce, direct-to-consumer brands, travel and enterprise segments. Shopflo Checkout, acquired earlier this year, processed more than ₹400 crore of D2C and small business volumes during the quarter.
During the quarter, Pine Labs expanded operations across markets including the UAE, Singapore and the Philippines, while strengthening partnerships with Emirates NBD, Wio Bank, British Airways and TAROM. Shares of Pine Labs Ltd ended at ₹193.55, up by ₹1.30, or 0.68%, on the BSE.