Pine Labs acquired D2C checkout startup Shopflo for Rs 88 crore to expand into online checkout and conversion optimization for merchants

Pine Labs, an Indian fintech company, acquired Bengaluru-based SaaS startup Shopflo for Rs 88 crore in cash, adding Shopflo's D2C checkout and conversion optimization platform to its existing in-store payments infrastructure to create an end-to-end commerce platform for merchants spanning offline and online channels. Shopflo, founded in 2021 and backed by Tiger Global, serves more than 1,000 e-commerce brands, connects over 60 million customers, and has delivered 15 to 20% conversion rate improvements for brands using its platform, though it reported revenue of just Rs 14.73 crore for FY25. Pine Labs CEO Amrish Rau said the acquisition is a “decisive step toward building a truly full-stack payments and commerce platform,” as the company's online payments revenue grew more than 50% year over year through Q3 FY26.