Latest news with #AmrishRau
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Business Standard
27-06-2025
- Business
- Business Standard
Pine Labs CEO Amrish Rau may net ₹1,000 crore as firm files for IPO
As fintech major Pine Labs gears up for its initial public offering (IPO), its draft red herring prospectus (DRHP) highlights top executives' compensation and stock option windfalls, including that of chief executive officer (CEO) Amrish Rau. Rau's net worth is estimated to be between ₹850 crore and ₹1,000 crore following the IPO. The company was last valued at $5 billion during its 2022 fundraising round. He holds a 2.35 per cent stake in the company, translating into 17.76 million shares, and holds 24.96 million shares on a fully diluted basis. According to the DRHP, Rau is offloading up to 3.2 million equity shares in the offer for sale (OFS). Previous grants have enabled Rau to vest 7.19 million employee stock options (ESOPs). He also received 23.17 million shares—subject to shareholders' approval—between January and June this year. Rau's annual pay stands at ₹5.8 crore, including a basic salary of ₹3.8 crore and an annual incentive of ₹1.9 crore, among other components. During the financial year 2025 (FY25), he received ₹3.76 crore as CEO of Pine Labs Singapore, including a performance-linked bonus accrued for FY24 and paid in FY25. Meanwhile, Kush Mehra, executive director, president and chief business officer – digital infrastructure and transaction platform at Pine Labs, earns a gross annual salary of ₹3 crore. Mehra holds 4.06 million shares and is expected to offload 0.44 million equity shares in the OFS. Investors such as Peak XV Partners, Actis, Macritchie, PayPal, Mastercard, AIM Investment Funds and Madison India Opportunities IV, among others, are also expected to partially exit through the OFS. Peak XV will pare down its stake by selling the largest chunk—39 million shares—in the OFS. PayPal and Mastercard will offload 11.50 million and 10.04 million shares, respectively.
Yahoo
09-04-2025
- Business
- Yahoo
EnKash Secures Prestigious PPI License, Strengthening Its Leadership in Corporate Cards and Spend Management
MUMBAI, India, April 9, 2025 /PRNewswire/ -- EnKash, India's pioneering spend management and payments platform, has secured the coveted Prepaid Payment Instrument (PPI) license from the Reserve Bank of India (RBI). Since 2020, EnKash has been the only fintech to significantly scale the corporate card business, issuing over a million cards. While traditionally collaborating with banks for innovative solutions, this license enables EnKash to further enhance its offerings, streamline legacy card-issuing systems, and create more value for both banks and customers. By combining its Payment Aggregator (PA) license with the new PPI license, EnKash is uniquely positioned to deliver groundbreaking solutions. Prepaid instruments, including cards and wallets, drive over $50 billion (₹4.2 trillion) in annual Gross Merchandise Value (GMV) in India, digitizing cash management across diverse use cases such as National Common Mobility Cards (NCMC), Domestic Money Transfers (DMT), government wallets for direct benefit schemes, corporate payments, expense management, university and campus payment solutions, subscription wallets, and more. Speaking on this significant achievement, Naveen Bindal, Co-founder of EnKash, said "India's payments infrastructure is among the world's most advanced and continues to evolve rapidly - yet there's still much to be done. Card issuance and management still take days, if not weeks. Issuance of payment instruments should mirror the 10-minute delivery of quick commerce - why can't we deliver a prepaid card with full KYC in 10 minutes? We're making that a reality." He further added, "This milestone cements our commitment to creating an agile and compliant financial ecosystem. As businesses increasingly seek seamless digital financial tools, EnKash will continue to lead the charge in delivering smart, scalable, and compliant spend and payment solutions." A Trusted Partner in the Fintech Ecosystem Joining fintech leaders like Pine Labs, Razorpay, and PhonePe with both PA and PPI licenses, EnKash partners with banks (HDFC, ICICI, Axis, IDFC, Kotak, Yes Bank) and networks (Visa, Mastercard, NPCI, Amex). Trusted by 5,000+ businesses and 250,000+ network members, EnKash is backed by $23M from Mayfield, Ascent Capital, Baring Private Equity Partners India, Axilor, and WhiteVentures (backed by Amrish Rau and Jitendra Gupta), reinforcing its role as a fintech innovator. About EnKash EnKash is India's leading spend management and payments platform, simplifying payments, corporate cards, and expense management. Operational since 2018, it has pioneered fintech innovation with multiple RBI-regulated licenses, including PAPG, BBPOU, and the newly secured PPI license. Trusted by 5,000+ customers ranging from start-ups to large enterprises, EnKash has processed over a million corporate cards and serves 250,000+ network members. With $23M in funding led by marquee investors such as Mayfield, Axilor, Baring Private Equity Partners India, and Ascent Capital, its financial orchestration suite empowers CXOs with automation, real-time insights, and compliance tools—making business finance faster, smarter, and more efficient. For media inquiries, contact:Mansi BhatiaEmail: Logo: View original content to download multimedia: Sign in to access your portfolio
Reuters
18-03-2025
- Business
- Reuters
Fintech firm Pine Labs is targeting India IPO in second half of 2025, CEO says
NEW DELHI/BENGALURU, March 18 (Reuters) - Indian fintech firm Pine Labs is planning a domestic initial public offering in the second half of 2025 and is undeterred by the current weak market conditions, chief executive Amrish Rau said. Pine Labs, whose main backer is venture capital firm Peak XV, offers full stack payment solutions including point-of-sale machines to merchants for card payments and competes with Paytm and Walmart's (WMT.N), opens new tab PhonePe. India's stock markets have been performing poorly with losses of over $1 trillion in market capitalisation due to negative investor sentiment. But Pine Labs is unfazed, and CEO Rau said: "we would want to go for an IPO in the second half of this year." "I really shouldn't be swayed by market conditions and should be more focused on building a company which is here to last for long," he told Reuters in an interview on Monday. "Because of markets, if the IPO timing changes, honestly, it's not going to be an earth-shattering situation. In general, I think we are ready for public markets," he added. Pine Labs is planning a $1 billion IPO, a source with direct knowledge of the matter said, adding that it will be a mix of raising fresh capital and some existing investors selling their stakes. Rau declined to comment on the IPO size. If the issue goes through, it would be the second largest fintech IPO in India after Paytm's $2.5 billion listing in 2021. Last valued at $5 billion when it raised funds in 2022 and with investors including PayPal (PYPL.O), opens new tab, Mastercard (MA.N), opens new tab and Singapore's Temasek ( Pine Labs is diversifying its income streams and focusing on tech solutions for banks, fintechs and corporates, Rau said. Pine Labs is awaiting regulatory clearance to move its domicile to India. It posted revenue of $200.4 million in 2023-24, a marginal increase from $189.72 million in 2022-23, with losses widening to $40.68 million from $27.24 million over the same period, as per its financial statements, opens new tab.
