Pine Labs Acquires Shopflo Technologies for Enhanced D2C Checkout Solutions
Fintech enterprise Pine Labs has secured a complete ownership of Shopflo Technologies, a direct-to-consumer D2C checkout platform, in a transaction valued at up to Rs 88 crore. As stated in a regulatory notice, this acquisition is set to conclude within a three-month period and will be executed entirely in cash.
Established in December 2021, Shopflo focuses on developing checkout infrastructure and ecommerce enabling tools designed to boost conversion rates for online brands. In the financial year 2025, the company recorded revenues of Rs 14.7 crore, increasing from Rs 9.1 crore in FY24 and Rs 0.63 crore in FY23. Pine Labs mentioned that this acquisition will enable the company to present an integrated platform for merchants, encompassing offline payments, online checkout, and customer engagement. This development aligns with its vision of constructing a comprehensive commerce and payments platform.
Shopflo provides checkout optimisation tools, analytical services, and e-commerce solutions that aim to minimise cart abandonment and enhance payment success rates. These offerings will serve to augment Pine Labs’ current payments framework. Shopflo caters to over 1,000 online brands and has facilitated transactions for more than 60 million consumers. Merchants utilising its platform have experienced a 15 to 20% uptick in conversion rates.
The startup, founded by Priy Ranjan, alongside Ankit Bansal and Ishan Rakshit, drew significant attention in 2022 when Tiger Global made its first seed investment in India through Shopflo. Approximately $3.7 million has been raised from investors such as Tiger Global, TQ Ventures, and Better Capital.
Pine Labs’ online payments division recorded nearly 50% year-on-year growth in the third quarter of FY26, with revenues rising to Rs 744 crore from Rs 601 crore a year prior. The company reported a net profit of Rs 42 crore in this quarter, a turnaround from a loss of Rs 57 crore in Q3 FY25. Anticipation surrounds the Q4 results.
Through this acquisition, Pine Labs seeks to fortify its standing within the D2C ecosystem by merging its payment infrastructure with checkout capabilities, thus providing merchants with a unified platform spanning both online and offline channels.