Core Insights - Pine Labs has obtained all necessary regulatory licenses from the Reserve Bank of India (RBI) to operate as a payment aggregator across offline, online, and cross-border payments, making it the first firm to secure clearances in all three categories [1][5] Company Overview - Founded in 1998, Pine Labs initially focused on offline payment processing for large merchants and expanded into digital payments with the launch of Pine Labs Online in 2020-2021 [2] - The acquisition of Setu in the 2023 financial year has strengthened its fintech offerings, allowing for broader payment services, including cross-border transactions [2] Financial Performance - Pine Labs plans to raise up to $439 million through an initial public offering (IPO) in Mumbai, India [3] - For the fiscal year ending March 2025, Pine Labs reported a loss of ₹1.45 billion on revenue of ₹22.74 billion [3] Strategic Partnerships - In March, Pine Labs partnered with Visa to launch Visa Instalment Solutions (VIS) on its multi-issuer payment platform in Southeast Asia, enabling merchants to offer installment payment options for both domestic and international transactions [4]