Pine Labs, the Indian payments company, announced on April 25, 2026 that it was acquiring Shopflo, a software company that builds checkout pages for online brands. According to an exchange filing, Pine Labs is buying 100% of Shopflo Technologies for up to ₹88 crore (about $9.3 million) in cash.
Inc42 reported that the money will be paid in several tranches and that the deal was expected to complete within three months. The schedule and size of each payment were not disclosed.
Shopflo's investors were Tiger Global, TQ Ventures and Better Capital. Pine Labs did not say what roles Shopflo's founders and staff would have after the deal.
What Shopflo built
Shopflo was founded in 2021 by Priy Ranjan, Ankit Bansal and Ishan Rakshit. It sells a checkout layer for e-commerce and direct-to-consumer (D2C) brands that covers identity verification, payments, cart customisation, discount management, analytics and connections to other e-commerce tools. It also helps merchants reduce fraudulent cash-on-delivery orders.
Pine Labs said more than 1,000 brands use Shopflo, reaching over 60 million consumers, and that those brands saw conversion rates rise by 15% to 20%. Inc42 named Dot & Key, Nestasia and The Sleep Company among its clients. Shopflo's revenue rose about 61% to ₹14.7 crore (about $1.6 million) in FY25, from ₹9.2 crore (about $1 million) the year before, Inc42 reported.
“We built Shopflo to solve one of the most critical challenges in e-commerce — improving conversion and customer experience at checkout.”
Why Pine Labs is buying
Pine Labs serves merchants both in stores and online, and its online business has been growing: the company said online payments revenue rose about 50% year on year in the third quarter of FY26. It has added features such as payment optimisation, support for stablecoins and tools for agentic commerce.
The company argued that merchants lose shoppers between the cart and the payment because of long forms for repeat buyers, coupon friction, failed payments and weak incentives for prepaid orders. In its view that is a checkout problem as much as a payments one. Owning Shopflo lets Pine Labs sell the checkout page together with the payment processing behind it.
Chief executive B Amrish Rau said commerce was no longer defined by channels and called the deal a step toward a full-stack payments and commerce platform that serves merchants from in-store payments to online checkout.
Pine Labs said the combined product would let merchants run payments and checkout as one system instead of separate tools stitched together, covering a shopper's visit from the first payment option shown to the final confirmation screen. It said it would offer this to online merchants in India and across the Global South.
The founders and the funding
Ranjan, Shopflo's chief executive, is an IIT Madras graduate who previously worked as a McKinsey consultant and as a venture investor. He said joining Pine Labs would bring Shopflo's tools to a much larger merchant base.
Shopflo raised about $3.7 million in total. Its $2.6 million seed round in 2022 was led by Tiger Global and TQ Ventures, and it was Tiger Global's first seed investment in India. Better Capital was also an investor.
Pine Labs' first deal as a listed company
Pine Labs listed in November 2025, and Shopflo is its first acquisition since then. It previously bought Setu in 2022 to build out its bill payments and online payments operations.
For the third quarter of FY26, Pine Labs reported operating revenue of ₹744.3 crore (about $79 million), up 24% year on year, and a profit of ₹42.4 crore (about $4.5 million), according to Inc42. It had not yet reported fourth-quarter results when the deal was announced.
Pine Labs shares closed 0.53% lower at ₹195.65 on the BSE in the trading session before the deal was reported, according to Inc42. At up to ₹88 crore, the price was about six times Shopflo's FY25 revenue.
