Pine Labs gets SEBI’s nod to launch IPO

New Delhi: India’s markets regulator SEBI has approved the IPO of fintech firm Pine Labs a document on its website showed on Monday.

The IPO could be worth $1 billion and the firm, which competes with Paytm and PhonePe, is seeking a valuation of up to $6 billion, Reuters reported in June.

Pine Labs offers full-stack payment solutions like point-of-sale machines to merchants for card payments. It will use the IPO proceeds to invest in overseas units, develop technology and reduce debt.