Liquidity Events
Madison India Capital partially exits fintech co. Pine Labs via Rs.357-Cr block deal
Madison India Capital, via Madison India Opportunities IV fund, has offloaded shares worth INR 356.86 crore in publicly listed, Gurugram-based fintech firm Pine Labs through a block deal of 2.48 crore shares at INR 144 apiece.This sale marks the near-total exit of Madison India Capital from the company, following its initial investment in 2016. The firm held 2.53 crore shares at the end of the March 2026 quarter. It previously sold 30.19 lakh shares during the company's IPO, which yielded a return multiple of 5.6X.
Between Apr 2009 and Mar 2022, Pine Labs had attracted about $ 1,658 M from New Atlantic Ventures, Peak XV Partners, Madison India, Actis, Altimeter Capital, PayPal, Temasek, Mastercard, Lone Pine Capital, Baron Capital, Marshall Wace, Moore Strategic Ventures, 360 ONE, Fidelity India, Kotak Alternate, Neuberger Berman, Tree Line Asia, Invesco, Alpha Wave Global, Vitruvian Partners and others.For FY25, Pine Labs had reported about INR 1,597 Cr in Operating Income and about INR 44 Cr in PAT.
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