Software developers reviewing an e-commerce platform on a tablet during a business meeting.
Fintech powerhouse Pine Labs has announced the acquisition of e-commerce focused SaaS startup Shopflo for ₹88 crore (approximately $9.3 million) in an all-cash deal. This strategic move is set to enhance Pine Labs’ footprint in the rapidly growing online merchant payments and e-commerce sector.
The acquisition is expected to strengthen Pine Labs’ ability to offer a comprehensive, full-stack payments and commerce platform. “With the acquisition of Shopflo, we are taking a decisive step toward building a truly full-stack payments and commerce platform,” stated B Amrish Rau, CEO of Pine Labs. “This strengthens our ability to serve merchants end-to-end, from in-store payments to online checkout and beyond.” The company reported a significant 50% year-over-year growth in its online payments revenue for the third quarter of FY25.
Shopflo, founded in 2021 by Ankit Bansal, Priy Ranjan, Ishan Rakshit, and Advait Shankar, specializes in optimizing online checkout processes and mitigating fraud for e-commerce and D2C companies. The startup claims to have partnered with over 1,000 brands, contributing to a 15-20% increase in conversion rates for its clients. Notable clients include D2C brands such as Dot & Key, Nestasia, and The Sleep Company.
According to Pine Labs’ exchange filing, Shopflo’s revenue saw a substantial increase of almost 61% in FY25, reaching ₹147 crore from ₹91.6 crore in the previous fiscal year. In 2022, Shopflo had successfully raised $2.6 million in its seed funding round, which was led by Tiger Global and TQ Ventures.
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