Pine Labs, one of India’s fastest-rising fintech players, made its public debut today, marking a major milestone for the company and for Fave, the Malaysian-founded startup that joined the group in 2021.
Fave, cofounded in 2015, became part of Pine Labs after an acquisition that integrated its consumer payments and loyalty offerings into the Indian payments giant’s growing ecosystem.
Following the merger, one of Fave’s cofounders remained with the group for more than two years to help steer the combined business.
Pine Labs has built a formidable presence in the region.
The company currently processes more than US$100 billion annually and is on track to hit a US$200 billion run rate next year.
Its listing secures a valuation of around US$3 billion, the result of decades of expansion since its founding in 1998.
Industry observers note that Pine Labs’ journey reflects the unpredictable path of entrepreneurship. Fave’s early years were described as modest and scrappy, yet the long arc of persistence kept the company in play until an unexpected opportunity emerged.
The combined group’s trajectory also highlights how sustained ambition can accumulate into large outcomes over time. Pine Labs endured downturns, reinvented its model repeatedly and benefited from long-term investors such as Peak XV, whose continued backing supported steady, cumulative growth.
With the IPO now complete, both companies stand as examples of how long-term focus and relentless iteration can reshape the regional fintech landscape.
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