Fintech firm Pine Labs has acquired 100% stake in Shopflo Technologies, a direct to consumer D2C checkout platform, in a deal valued at up to Rs 88 crore.
According to a regulatory filing, the acquisition will be completed within three months and the transaction is entirely in cash.
Founded in December 2021, Shopflo builds checkout infrastructure and ecommerce enablement tools aimed at improving conversion rates for online brands. The company reported revenue of Rs 14.7 crore in FY25, up from Rs 9.1 crore in FY24 and Rs 0.63 crore in FY23.
Pine Labs said the acquisition will help it offer an integrated platform for merchants across offline payments, online checkout and customer engagement. The move aligns with its strategy to build a full stack commerce and payments platform.
Shopflo offers checkout optimisation tools, analytics and e-commerce solutions that aim to reduce cart abandonment and improve payment success rates. These capabilities will complement Pine Labs' existing payments infrastructure.
Shopflo serves more than 1,000 online brands and has enabled transactions for over 60 million consumers. Merchants using its platform have reported 15 to 20% improvement in conversion rates.
Founded by Priy Ranjan, along with Ankit Bansal and Ishan Rakshit, the startup gained attention in 2022 when Tiger Global made its first seed investment in India through Shopflo. It has raised about $3.7 million from investors including Tiger Global, TQ Ventures and Better Capital.
Pine Labs' online payments business reported around 50% year on year growth in Q3 FY26, with revenue rising to Rs 744 crore from Rs 601 crore a year earlier. The company posted a net profit of Rs 42 crore in the quarter, compared to a loss of Rs 57 crore in Q3 FY25. Its Q4 results are awaited.
With this acquisition, Pine Labs aims to strengthen its position in the D2C ecosystem by combining payments infrastructure with checkout capabilities and offering merchants a unified platform across online and offline channels.