- Pine Labs, an Indian fintech unicorn, reported a 37% increase in operating revenue to Rs 1,280.5 crore in FY23.
- However, the company’s losses ballooned by almost 2.5 times, rising from Rs 22.6 crore to Rs 56 crore in the same financial year.
- Pine Labs generates its major revenue from digital payments, including transaction processing fees, aggregator services, and Point of Sale (PoS) installation and program integration fees.
- The company also earns revenue from cashback and subscription-based services, such as one-time installation of hardware/software and co-branding fees.
- Despite increased revenue, Pine Labs saw a rise in expenses, driven by employee benefits and legal professional fees. They also doubled their advertising and promotional spend in FY23.