Decoding IPO-Bound Pine Labs’ Revenue Model

As has been the case with most of the IPO-bound new-age tech companies, fintech major Pine Labs turned profitable in the first nine months of FY25 (9M FY25). The company reported a net profit of INR 26.1 Cr as against a loss of INR 151.6 Cr in the same period last fiscal. 

The improvement in the bottom line came on the back of a surge in its top line. In 9M FY25, the company’s operating revenue jumped 23% to INR 1,208.2 Cr from INR 982.1 Cr in the year-ago period. Including an other income of…