Pine Labs, a fintech unicorn, has reported a growth of 37% in its operating revenue at ₹1,280.5 crore in the financial year ended March 2023. In the previous fiscal year, the consolidated revenue stood at ₹932 crore according to a report by Your Story.
The losses of the company increased by almost 2.5 times from ₹22.6 crore to ₹56 crore. Its expenses went up by 35% to ₹1,402 crore, compared to ₹1,032 crore the year before. The biggest chunk of this money went as employee benefit expenses (₹606 ) and legal professional fees (₹114 crore). Pine Labs fintech unicorn also doubled a lot more on advertising and promotions as it increased to ₹42.4 crore from ₹25 crore in FY23.
Notably, as per the report, the company has informed in a financial statement that its main source of income comes from digital payments including transaction processing fees, services provide to merchants like settlement fees paid by merchants depending on transaction value), POS installation and programme integration fee, and Buy Now Pay Later (BNPL) services.
Pine Labs, the merchant commerce omnichannel platform has recently launched ‘Mini,’ a QR Card acceptance device. The company said in a release that the Pine Labs Mini is expected to be available at nearly one-third of the cost of a regular Point of Sale (PoS) terminal.