Finance Minister Nirmala Sitharaman acknowledged the contribution of fintech companies in expanding the digital public infrastructure of the country. The finance minister visited the office of Pine Labs, a fintech company, where she lauded the contribution of fintech companies for enabling merchants and MSMEs with inclusive and seamless financial services.
During her visit to Pine Labs’ office in Noida, the finance minister interacted with the employees and also acknowledged the contribution of the company’s work in forwarding India’s digital fintech landscape.
Amrish Rau, CEO of Pine Labs, said that the finance minister’s visit to Pine Labs was centered on understanding and exploring ideas in fintech. In a post on X (formerly Twitter), he said, “We got an opportunity to host our Hon. Finance Minister @nsitharaman to explore & understand ideas in Fintech. It was a full house and our FM was completely immersed in her interactions and Tech discussions!”
During her visit, Finance Minister Sitharaman also looked at the demonstrations by Pine Labs on fintech solutions being developed around prepaid instruments, the Account Aggregator (AA) framework, and digital services used in the Public Distribution System (PDS) and other government schemes and services.
Pine Labs eyes $1 billion IPO in 2025
Meanwhile, Pine Labs is preparing for a $1 billion IPO in the second half of 2025. If the company goes through the proposed IPO plans, it will be the second biggest IPO in India’s fintech sector after the $2.5 billion listing of Paytm in 2021.
The company is also shifting its domicile from Singapore to India. It has also received the necessary approvals from the National Company Law Tribunal for the same.
In the direction of the IPO, last week, the company also converted its Indian entity to a public company. As per the company’s regulatory filings, its status name has been changed from Pine Labs Private Limited to Pine Labs Limited.