Pine Labs, one of India’s largest digital payments and merchant commerce platforms, was listed on Friday with its shares opening up 10% from the issue price and rising as much as 28% before closing at Rs 252, up by 14%.

• Pine Labs had set a price band of Rs 210-221, which pegged the valuation at Rs 25,400 crore or over $2.9 billion. This was a 40% discount to the company’s last valuation of $5 billion in 2022.

• At the close of trade on Friday, Pine Lab’s market capitalisation stood at Rs 28,936 crore ($3.2 billion). Pine Labs raised Rs 2,080 crore in fresh capital and an offer for sale of 82.3 million shares, coming to Rs 1,820 crore.

• Selling shares via multiple rounds before the IPO, Peak XV took out about $575 million. At IPO, it offloaded another large chunk, 23 million shares worth Rs 508 crore ($61 million). Even after these exits, Peak XV retains a 17% stake worth approximately $556 million.

• It is a jaw-dropping 39.5x return on the initial bet. This comes after the mega outcome from the Groww IPO earlier this week, where it sold shares worth $179 million, and its remaining shares are worth $1.7 billion.

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This will unlock significant wealth for its early investors and founders. Groww’s four founders - Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh - will collectively hold about 27.5% after the IPO. Their shares will be worth about $2.5 billion.

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⁠The moves will make Prosus, which is known for its investments in companies like food delivery platform Swiggy and e-commerce platform Meesho, the largest investor in Ixigo. The online travel platform counts venture firms like Peak XV Partners and Elevation Capital as some of its largest shareholders and early backers.

The development comes about over 16 months after the IPO of Ixigo. The company’s share price has shot up nearly 3.5 times since the listing in June 2024, from Rs 93 per share to closing at Rs 313. The market capitalisation of the company now stands at $1.4 billion.

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The deal is significant, marking the first investment by Prosus in a listed company in India, as it has, till now, focused on private companies.

It is also its second investment in the travel space. It had earlier incubated Golbibo, which was acquired by MakeMyTrip in 2017. This made Prosus the largest shareholder in MakeMyTrip. In 2019, Prosus swapped its shares in MakeMyTrip for a holding in China’s Ctrip, which it exited last year. ⁠The deal also aligns with Prosus’s global strategy. In May 2025, it acquired Despegar, a leading online travel agency in Latin America, for about $1.7 billion. Despegar operates in over 19 Latin American markets, offering both B2C travel booking and B2B white-label solutions.

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•⁠ ⁠While the company managed to trim total expenses to Rs 3,060 crore, primarily through reduced payment processing and employee costs, advertising expenses still rose slightly, remaining the largest single cost item at over 50% of the total outgo.

•⁠ ⁠Despite various initiatives, including EMI offers and expansion into bill payments and ticketing, Amazon Pay’s growth lagged as it struggled to break out beyond its core ecommerce-linked user base, averaging a spend of Rs 1.46 for every rupee earned.

•⁠ ⁠This plateau contrasts sharply with the fierce growth dynamics at larger payments companies, such as PhonePe (owned by Amazon rival Walmart) and Paytm. For FY25, PhonePe’s revenue jumped 40% to Rs 7,115 crore, though the business continued to post losses of Rs 1,727 crore.

•⁠ ⁠Paytm, meanwhile, saw FY25 revenue decline sharply by 31% to Rs 6,900 crore (from Rs 9,977 crore), with net annual loss narrowing to Rs 663 crore on the back of cost-cutting, but still weighed down by a challenging regulatory and funding environment.

•⁠  ⁠Despite underwhelming top-line performance, Amazon remains committed to its India payments play. In 2025 alone, the parent company infused another Rs 950 crore into Amazon Pay India. Overall, Amazon has invested over Rs 12,000 crore ($1.4 billion) in the payments unit in India.

•⁠ ⁠Recent acquisitions and product launches underline this strategic commitment: in September, Amazon completed the $200 million buyout of digital lender Axio (formerly Capital Float), strengthening its “buy-now, pay-later” (BNPL) and credit capabilities for nearly 10 million customers and merchants.

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•⁠ ⁠Amazon Pay also received a payment aggregator license from RBI, expanded EMI and credit card-linked UPI services, and ramped up bill pay and insurance offerings-though it still ranks only eighth in market share within India’s UPI universe, with a user base exceeding 100 million.

•⁠ ⁠On the other hand, Amazon’s flagship e-commerce unit in India has been able to cut its net loss by over 90% and also increase revenues.

• Bengaluru-based Ather Energy, the electric two-wheeler backed by Hero Motocorp, saw its market capitalisation leap ahead of its city-based rival Ola Electric. At the close of trade on Monday, Ather’s market cap stood at Rs 23,580 crore as its share price hit a new high. On the other hand, Ola Electric’s share price slipped by nearly 3% giving it a market cap of Rs 23,178 crore.

• The development is significant as Ola Electric, despite starting in 2017, much after Ather in 2013, has been able to keep the lead in terms of fundraising and valuation both in private and public markets.

• Ola Electric went public in August 2024 at a market cap of about Rs 33,522 crore ($4 billion at listing). Its peak private valuation was widely reported at about $5.4 billion during its last large fundraise in late 2021 and early 2022, before softening as public markets corrected and sales slowed.

• Ather Energy was listed in May 2025 with a market cap of around Rs 11,956 crore (approximately $1.4 billion). Its peak private valuation was $1 billion after its last funding round in 2024.

• Since listing, Ather’s share price has nearly doubled over the last few months. Ola Electric, which has been listed for over a year, has seen a significant swing in its share price. The shares doubled from the issue last year, but have struggled since February this year, falling nearly 50% below the IPO price.

• Changing market share: This comes after Ather’s sales vaulted ahead of Ola Electric in September 2025. According to Vahan sales data, Ather registered 18,109 units for the month—its highest tally yet-securing a 17.2% market share and overtaking Ola, which sold 12,223 units (12.7% share, down from 27.3% in September 2024).

• TVS Motor retained the leader’s position with over 21,000 units, while Bajaj held second, but the industry’s real reshuffle was Ather’s climb past Ola, after months of both brands swapping places in the sales rankings

• Over the past 18 months, Ola’s grip on the segment has steadily loosened. In March 2024, Ola Electric commanded close to 32% market share; by September 2025, that had fallen below 13%, a consequence of product recalls, post-GST slowdowns, and shifting consumer preferences.

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