Liquidity Events
Pine Labs acquires e-commerce enabler Shopflo for Rs.88-Cr
Mumbai-based, publicly listed Pine Labs is acquiring Bengaluru-based e-commerce-focused SaaS startup Shopflo in an all-cash deal valued at INR 88 crore (approximately USD 9.3 million).This acquisition is intended to enhance Pine Labs' presence in the e-commerce and digital merchant payments sector, supporting its strategy to develop a full-stack payments and commerce platform that provides end-to-end solutions for merchants, encompassing in-store payments, online checkout, conversion optimisation, and consumer insights.Founded in 2021 by Ankit Bansal, Priy Ranjan, and Ishan Rakshit, Shopflo helps e-commerce and direct-to-consumer (D2C) companies optimise checkout conversions and mitigate fraudulent COD (cash-on-delivery) orders. The platform offers tools for identity verification, analytics, payments, and shopping cart customisation.Shopflo claims to currently partner with over 1,000 brands, including Dot & Key, Nestasia, and The Sleep Company. Its revenue increased by about 61% to INR 14.7 crore in fiscal year 2025, up from INR 9.2 crore in the prior fiscal year.Shopflo had previously raised USD 2.6 million in a seed funding round led by Tiger Global and TQ Ventures in 2022, bringing its total funding to USD 3.7 million.
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