Indian fintech firm Pine Labs has acquired ecommerce software startup Shopflo in an all-cash deal worth Rs 88 crore (about $9.3 million), as it looks to strengthen its position in digital merchant payments.
The acquisition would help it evolve into a full-stack commerce platform, integrating both online and offline payment experiences for merchants, the company said.
Pine Labs has reported growth in its online business, with payments revenue rising by about 50% year-on-year in recent quarters.
The firm has been expanding into sectors such as hospitality, healthcare diagnostics and fitness, while investing in payment optimisation, infrastructure reliability and newer technologies including AI-driven commerce.
The addition of Shopflo is aimed at addressing a key challenge in ecommerce: customer drop-offs at the checkout stage. Despite improvements in payment systems, many businesses continue to lose potential sales due to complex forms, payment failures and friction around discounts and incentives.
Founded in 2021 by Priy Ranjan, Ankit Bansal, Ishan Rakshit and Advait Shankar, Shopflo provides checkout optimisation tools for direct-to-consumer and ecommerce brands. The platform works with more than 1,000 businesses and says it has helped increase conversion rates by 15–20%. Its clients include brands such as Dot & Key, Nestasia and The Sleep Company.
Shopflo’s turnover rose to Rs 147.35 million in the year ended March 2025, from Rs 91.58 million a year earlier, according to Pine Labs’ exchange filing.
Pine Labs said combining its payments infrastructure with Shopflo’s checkout technology would allow merchants to manage the entire transaction journey within a single system, from product selection through to payment completion.
“Commerce today is no longer defined by channels, merchants need a single, intelligent platform that can power both their offline and online journeys. With the acquisition of Shopflo, we are taking a decisive step toward building a truly full-stack payments and commerce platform. This strengthens our ability to serve merchants end-to-end, from instore payments to online checkout and beyond. That’s how you build a merchant platform that matters,” said B Amrish Rau, CEO, Pine Labs.
“We built Shopflo to solve one of the most critical challenges in e-commerce, improving conversion and customer experience at checkout. Joining forces with Pine Labs allows us to take our capabilities to a much larger merchant base and create a unified commerce ecosystem that delivers measurable growth,” said Priy Ranjan, Co-founder and CEO, Shopflo Technologies.
Pine Labs operates across several international markets including Southeast Asia, the Middle East, Australia and the United States, and said the acquisition would support its broader push into global ecommerce solutions.
