Startup team collaboration in a bustling open-plan office.
Fintech firm Pine Labs has acquired Shopflo, an ecommerce-focused SaaS startup, in an all-cash deal valued at ₹88 Cr, approximately $9.3 million.
The acquisition of the online checkout optimization platform is set to enhance Pine Labs’ presence in the ecommerce and digital merchant payments sector, particularly as the company experiences substantial growth in online payments revenue. Pine Labs reported a year-over-year increase of around 50% in online payments revenue during the third quarter of FY25.
Pine Labs CEO B Amrish Rau stated that the acquisition of Shopflo marks a significant step toward building a comprehensive payments and commerce platform. He added that this move will strengthen the company’s ability to serve merchants from in-store payments to online checkout and beyond.
Shopflo, founded in 2021 by Ankit Bansal, Priy Ranjan, Ishan Rakshit, and Advait Shankar, focuses on helping ecommerce and D2C companies improve checkout conversions and reduce fraudulent Cash on Delivery (COD) orders. The company has partnered with over 1,000 brands and reports a 15-20% increase in conversion rates for its merchant clients. Shopflo’s client roster includes D2C brands such as Dot & Key, Nestasia, and The Sleep Company.
According to an exchange filing by Pine Labs, Shopflo’s revenue for FY25 increased by nearly 61% to ₹147 Cr, up from ₹91.6 Cr in the previous fiscal year. In 2022, Shopflo secured $2.6 million in seed funding led by Tiger Global and TQ Ventures.
About the Author
