Pine Labs is set to revolutionise e-commerce for online merchants by acquiring Shopflo for Rs 88 crore, creating a unified platform that integrates payment infrastructure with checkout optimisation.
Key Points
- Pine Labs acquires Shopflo for Rs 88 crore to enhance online checkout processes.
- The acquisition aims to create a unified commerce platform for e-commerce merchants.
- Shopflo’s customer base of 1,000 e-commerce merchants will be integrated into Pine Labs.
- Pine Labs’ payment revenue grew by 50 per cent in the December quarter, driven by sectors like hospitality and diagnostics.
Fintech company Pine Labs on Saturday announced the acquisition of Shopflo, an online checkout optimisation platform, for Rs 88 crore.
The all-cash acquisition will be complete in three months, and Pine Labs will pay in two tranches, according to a regulatory filing.
Unified Commerce Platform
The acquisition unites payments infrastructure with checkout, which will give every online merchant the power to convert, not just collect, as per a statement.
As per the last reported numbers, Pine Labs’ revenue from the payments front grew 50 per cent in December quarter driven by activity witnessed in sectors like hospitality, diagnostics and fitness.
Shopflo’s Customer Base
Shopflo boasts of a customer base of 1,000 e-commerce merchants at present, the statement said.
The acquisition will help Pine Labs to pitch as a single, integrated commerce platform where payment infrastructure and purchase experience are not separate products bolted together, but one unified system built for the merchant, as per the statement.
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