Pine Labs Hits New High, Ace Blend Bags $9.9 Mn & More

Pine Labs Sees Profits Swell

Pine Labs put up a strong show in Q2 FY27. Buoyed by broad-based improvement across its core verticals and rising margins, the fintech major’s revenue growth hit a five-quarter high during the quarter while its net profit skyrocketed six-fold. 

Here’s the breakdown of Pine Labs’ Q2 numbers: 

• Net profit surged over 6X YoY to ₹38.6 Cr
• Operating revenue rose 24% YoY to ₹806.2 Cr
• Total expenses rose 16% YoY to ₹770.4 Cr
• Adjusted EBITDA rose 27% YoY to ₹215.5 Cr

Double Growth Engine: The startup’s Q2 performance reflected higher GTV, new products, an expanding merchant ecosystem and double-digit growth across its core digital infrastructure and issuing platform verticals. In addition, increased operating leverage outpaced expense growth, further strengthening cash flows. 

The company also continued to deepen its monetisation capabilities through new value-added services and AI-led credit underwriting tools that process over 1 Lakh loans monthly.

The MDR Boost: Pine Labs sees a “meaningful upside” from the proposal to re-introduce merchant discount rate on UPI transactions above ₹2,000. Given that enterprise merchants drive a substantial share of its volume, the company plans to aggressively deploy additional soundbox devices to capture a bigger chunk of merchant wallet share.

Around The World: International markets are also becoming a bigger part of Pine Labs’ business, contributing 15% of its top line in Q2. The company now operates across more than 22 markets and is seeing strong momentum in Southeast Asia, where revenue and digital checkout points expanded rapidly in the quarter. While the UAE business crossed a meaningful daily transaction milestone, the company is also building presence in the Philippines and Singapore. 

These markets give Pine Labs a broader runway beyond India and reduce dependence on any single regulatory environment. With its underlying businesses compounding, here’s a closer look at Pine Labs performed in Q2 FY27…

From The Editor’s Desk

Ace Blend Bags $9.9 Mn

• The D2C nutrition brand has raised about ₹95 Cr in its Series A2 round led by 3one4 Capital to invest in clinical trials, R&D, supply chain improvements and testing of its products.
• Founded in 2018, Ace Blend offers supplements across heart health, brain health, sleep, gut health and immunity. Its portfolio comprises around 14 SKUs. It is targeting ₹250-300 Cr in annual recurring revenue over the next 12-18 months.
• Ace Blend operates in the broader Indian dietary supplements market, which is being driven by growing consumer demand, user awareness and the rise of preventive healthcare. The space is projected to become a $12 Bn opportunity by 2033.

Shadowfax’s Q2 Profit Run

• The listed logistics major’s net profit surged over 5X YoY to ₹68 Cr in Q2 FY27, while operating revenue jumped 57% YoY to a record ₹1,537.7 Cr. Shadowfax’s adjusted EBITDA also rose 177% YoY to ₹77 Cr, with margins expanding to 5% from 2.8%.
• On the operational front, the platform delivered 27.1 Cr orders across its express parcel and hyperlocal businesses in Q2. Its 360 platform also crossed 6,700 transacting sellers within two quarters of launch.
• Founded in 2015, Shadowfax provides last-mile delivery services to ecommerce platforms and D2C brands. The company listed on the stock exchanges in January this year following its bumper ₹1,907 Cr IPO.

Venttup Raises $3 Mn

• The precision manufacturing startup has raised the funding in its Pre-Series A round led by Rainmatter and Unicorn India Ventures to scale hiring, its rapid prototyping infrastructure and AI-led sourcing.
• Founded in 2021, Venttup combines in-house engineering with its network of manufacturing partners to support component development, testing, and production. It claims to have grown its revenue to ₹10 Cr in FY26.
• On the operational front, the startup added more than 15 blue-chip customers over the past 12 months and built an approximately ₹30 Cr business opportunity pipeline across new energy, mobility, and smart infrastructure.

Bijnis Rebrands As Zorit

• The B2B ecommerce startup has rebranded as Zorit and raised ₹27 Cr in a funding round led by Sparrow Capital. Zorit now plans to double down on an inventory-led quick commerce model for offline retailers and expand its product assortment.
• Founded in 2015, Bijnis initially operated an online marketplace that connected manufacturers with retailers. It pivoted to an inventory-led B2B quick commerce model in late 2024. As Bijnis, the startup had raised over $43 Mn.
• In its new avatar, the startup allows retailers to source products within 60 minutes. Zorit currently claims to operate 12 dark stores across 12 cities and claims to have reached ₹120 Cr in annualised sales. Nearly half of its stores have achieved break-even.

Crypto Startups Under ED Lens

• The Enforcement Directorate has launched a probe into alleged forex violations by crypto platforms Mudrex, Saber.money and Instadapp. The investigation involves alleged unauthorised cross-border fund transfers worth more than ₹4,940 Cr.
• The agency said its Bengaluru Zonal Office conducted searches at three premises in Bengaluru and one in Madhya Pradesh on October 27. 
• The investigations centre on the alleged use of cryptocurrencies, particularly stablecoins such as USDT and USDC, to facilitate cross-border money transfers outside authorised channels.

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Can Physioplus’ AI Stack Track India’s Recovery Journey?

Physiotherapy often breaks down between appointments. While patients struggle to follow exercises, therapists lack real-time visibility into progress. To solve this, Physioplus is building a digital layer that keeps assessment and recovery tracking connected beyond the clinic.

A Digital Coach: Founded in 2022, Physioplus’ AI-powered platform helps patients discover physiotherapists, book consultations, request home visits and receive support for chronic pain and post-surgery rehabilitation. The platform is designed to make access more convenient while helping clinicians understand a patient’s history before treatment begins.

The Rehabilitation Stack: For practitioners, Physioplus combines digital practice management, patient records, clinical assessments, documentation and tech-enabled monitoring. Its monitoring layer also supports home-based rehabilitation by capturing exercise adherence, pain changes and functional progress over time. 

Growing Steadily: Physioplus claims to have so far onboarded over 1,000 patients. It is now focusing on scaling product development, expanding its physiotherapist network and fueling growth across India. With the homegrown digital health and rehabilitation market projected to become a $14.8 Bn opportunity by 2033, can Physioplus make physiotherapy more measurable and consistent beyond the clinic?

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