Out to list, Pine Labs is a hardware business pretending to be a fintech
Its core POS machine business is small and growing slowly, and the company has done little else to justify its high valuation.

Subscribe to read this story
We publish over 500 original, detailed stories every year on startups, corporates, stock markets and economic current affairs.
$99 for one year
Not ready to subscribe? Sign up for a free account
We value our free readers. Read 100+ stories every year.
More in Internet
You may also like
Preparing to love China once again
India is warming up to the idea of doing business with China. Little is expected to change in the trade skew, but Chinese foreign direct investment will be a welcome boost.
UPI data reveals uncomfortable trends
The latest digital spend numbers released by NPCI reveal stress in both consumption and household finances. Will the incongruence with the government’s narrative make this exercise a one-off?
The growing unease of EaseMyTrip’s investors
The online travel aggregator is struggling to grow now more than ever. Meanwhile, its promoters' stake sales reveal a pump and dump pattern that does little to ease shareholders’ concerns.