Pine Labs Acquires Ecommerce-Focused SaaS Startup Shopflo For ₹88 Cr

Fintech major Pine Labs has acquired ecommerce-focused SaaS startup ShopFlo in an all-cash deal worth ₹88 Cr (about $9.3 Mn).

The online checkout optimisation platform will allow Pine Labs to increase its presence in the ecommerce and digital merchant payments space at a time when the latter’s online payments revenue is seeing strong growth. Pine Labs’ from online payments revenue grew around 50% YoY in the third quarter of FY25. 

“With the acquisition of Shopflo, we are taking a decisive step toward building a truly full-stack payments and commerce platform. This strengthens our ability to serve merchants end-to-end, from in-store payments to online checkout and beyond,” said Pine Labs CEO B Amrish Rau. 

Founded in 2021 by Ankit Bansal, Priy Ranjan, Ishan Rakshit and Advait Shankar, Shopflo helps ecommerce and D2C companies improve their checkout conversions and reduce fraud COD orders. It has tied up with over 1,000 brands and claims to have driven a 15-20% increase in conversion rates for merchants. It counts D2C brands like Dot & Key, Nestasia, and The Sleep Company among its clients. 

In FY25, ShopFlo’s revenue jumped almost 61% to ₹147 Cr from ₹91.6 Cr in the previous fiscal year, Pine Labs said in an exchange filing. The startup raised $2.6 Mn in its seed funding round led by Tiger Global and TQ Ventures in 2022.

(The story will be updated soon) 

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