Altimeter Capital Partially Exits Pine Labs Via ₹211 Cr Block Deal
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US-based venture capital firm Altimeter Capital has offloaded 1.56 Cr shares in fintech major Pine Labs in a block deal worth ₹211.08 Cr.
As per BSE data, the VC firm, via its holding entity Altimeter Growth Partners Fun III LP, sold the shares at ₹135.21 apiece. The block deal was sealed at a price 7% lower than the stock’s closing price today (₹145.80)
The shares were lapped up by SBI Mutual Fund and Nippon India Mutual Fund. While SBI bought 1.32 Cr shares worth ₹177.79 Cr, Nippon India bought 70 Lakh shares for ₹94.50 Cr.
This marks the second major block deal within a week. On May 22, Pine Labs’ early backer Madison India Capital offloaded 2.48 Cr shares in a block deal worth ₹356.86 Cr. Franklin Templeton, HSBC Mutual Fund, ICICI Prudential, Tata Mutual Fund, Morgan Stanley, among others, had purchased the shares.
Like Madison Capital, Altimeter Capital is also an early backer of Pine Labs, having first invested in the company during its $82 Mn funding round in 2018. The investor held 1.59 Cr shares or 1.39% stake in Pine Labs at the end of the March quarter. The US-based investor’s holding in the company has reduced to less than 1% post the deal today.
The sell-off came amid a bearish momentum for Pine Labs’ stock. The company’s shares touched a fresh all-time low of ₹134.75 during intraday trade today. The stock settled at ₹145.8 to end the day, 5.92% higher than previous close.
Meanwhile, the fintech major continues to see healthy traction on the financial front. In its Q4 FY26 disclosures earlier this week, Pine Labs posted a consolidated net profit of ₹59.4 Cr as against a loss of ₹28.9 Cr in the year-ago quarter. Operating revenue rose 15% YoY during the quarter under review to ₹700.5 Cr.
For the full FY26, Pine Labs reported a profit of ₹112.5 Cr as against a loss of ₹145.5 Cr in FY25. Top line spiked 19% to ₹2,710.6 Cr from ₹2,274.3 Cr in FY25. The company said that this was its first full-fiscal year of profitability since inception.
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