India’s fintech sector just witnessed a significant power move. Leading merchant payments company Pine Labs has officially acquired Shopflo Technologies, a direct-to-consumer (D2C) checkout optimisation platform, in an all-cash deal worth up to ₹88 crore. The board approved the transaction on April 25, 2026, making it Pine Labs’ first acquisition since its stock market debut.
The deal is expected to close within three months and will be executed in one or more tranches. No regulatory approvals are required to proceed.
For Pine Labs, this Pine Labs acquires Shopflo move is about one thing becoming a full-stack commerce platform. The company has long dominated offline merchant payments through its point-of-sale systems and EMI solutions. But the online side of the business needed a boost.
That’s exactly where Shopflo fits in. Founded in December 2021 by Priy Ranjan, Ankit Bansal, and Ishan Rakshit, Shopflo builds smart checkout infrastructure that helps D2C brands reduce cart abandonment and improve payment success rates. It offers one-click purchases, dynamic discounting, customisable carts, and WhatsApp-based recovery workflows for abandoned carts.Simply put it helps merchants sell more, with less friction.
Despite being just four years old, Shopflo had already built strong credibility in India’s D2C space. The platform works with over 1,000 online brands including popular names like Dot & Key, Nestasia, and The Sleep Company, serving around 60 million consumers in total.
Its revenue growth has been remarkable — from just ₹0.63 crore in FY23, the startup scaled to ₹9.15 crore in FY24 and then ₹14.73 crore in FY25, clocking a solid 61% year-on-year growth. The company also gained early credibility when Tiger Global made its very first seed investment in India through Shopflo in 2022 a rare distinction for such a young startup.
Post-acquisition, Shopflo will continue to operate as an independent entity and plans to grow its team to around 65 employees.
The Pine Labs acquires Shopflo deal signals a clear shift in how fintech companies are thinking about commerce. It is no longer enough to just process payments — the real opportunity lies in owning the entire checkout journey, both online and offline.
With Pine Labs’ massive merchant base and Shopflo’s checkout technology now combined, Indian D2C brands stand to benefit from a smarter, more unified commerce experience.
Key Highlights:
- Pine Labs acquires 100% stake in Shopflo in an all-cash deal worth ₹88 crore.
- Shopflo serves 1,000+ e-commerce brands and has processed transactions for 60 million customers.
- Merchants on Shopflo report 15–20% improvement in checkout conversion rates.
- This is Pine Labs’ first acquisition since its stock market listing.