Pine Labs is set to fully consolidate its ownership in Agya Technologies, an RBI-licensed Account Aggregator, through its FinTech infrastructure arm Setu.
According to a regulatory filing, the Reserve Bank of India (RBI) has approved Setu (BrokenTusk Technologies Pvt Ltd) to increase its stake to 100 per cent in Agya Technologies, which until now has operated as an associate company. Pine Labs currently holds around 25 per cent stake in Agya and plans to acquire the remaining shares in the near term, potentially through one or more tranches.
The move strengthens Pine Labs’ FinTech infrastructure stack and enhances its capabilities in data-led financial services. Agya operates under the Account Aggregator framework regulated by the RBI, enabling secure, consent-based data sharing across financial institutions.
The development follows Pine Labs’ recent success in securing all three key digital payment licences from the RBI, covering offline payments, online merchant payments, and cross-border transactions. These approvals allow Pine Labs to offer a comprehensive suite of digital payment services across merchant touchpoints.
On the financial front, Pine Labs reported improved performance in the second quarter of FY26. Revenue rose to Rs 650 crore in Q2 FY26 from Rs 551 crore in the same period last year, while the company posted a net profit of Rs 6 crore, compared to a loss of Rs 32 crore in Q2 FY25.
Pine Labs also made a positive debut on the stock market, listing at a 9.5 per cent premium to its issue price. The stock opened at Rs 242 per share against an IPO price of Rs 221 on the NSE and BSE. As of 2:32 PM, the shares were trading at Rs 240.85, giving the company a market capitalisation of approximately Rs 26,406 crore (about $2.9 billion).
With the acquisition of Agya Technologies, Pine Labs aims to deepen its presence in regulated FinTech infrastructure while expanding its data and payments capabilities to support future growth.
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