Highlights
Pine Labs Consolidates Ownership in Agya Technologies
Pine Labs, a prominent fintech unicorn, is taking steps to completely consolidate its ownership of RBI-licensed account aggregator Agya Technologies via its fintech infrastructure division, Setu. According to a recent regulatory filing, Setu (BrokenTusk Technologies Pvt Ltd) has received approval from the Reserve Bank of India (RBI) to increase its stake in Agya Technologies Pvt Ltd to 100%. Previously, this company has functioned as an associate entity of Setu.
Investment Plans and Stake Acquisition
Pine Labs already holds approximately a 25% stake in Agya Technologies and intends to acquire the remaining shares in the near future, possibly in one or more phases as indicated in the filing.
Recent Licensing and Payment Services Expansion
This strategic move follows Pine Labs’ successful acquisition of all three digital payment licences issued by the Reserve Bank of India (RBI). These licences encompass offline payments, online merchant transactions, and cross-border deals, allowing the company to provide a comprehensive array of digital payment services across all merchant interaction points.
Financial Performance Overview
On the financial side, Pine Labs reported an impressive revenue increase to Rs 650 crore in Q2 FY26, up from Rs 551 crore in the same period last year. The firm also recorded a net profit of Rs 6 crore in Q2 FY26, a significant turnaround from a loss of Rs 32 crore in Q2 FY25.
Pine Labs enjoyed a positive entry into the public market, listing at a 9.5% premium over its initial issue price. The stock commenced trading at Rs 242 per share in contrast to the IPO price of Rs 221, providing the Peak XV-backed company with a robust start on both the NSE and BSE.
Current Market Status
As of 14:32 PM, the company’s share price is trading at Rs 240.85, which translates to a market capitalization of Rs 26,406 crore (approximately $2.9 billion).