FM Sitharaman Visits Pine Labs To Mark The Role of Fintech in India’s Digital Growth

What happens when a country’s top policymaker walks into a fintech startup’s office, not just for protocol, but to listen, learn, and applaud? A strong message is sent—one that signals the growing centrality of startups in shaping the future of India’s economy.

This was precisely the moment captured when Union Finance Minister Nirmala Sitharaman paid a special visit to Pine Labs, a leading digital fintech company headquartered in Noida. In an ecosystem where startups often seek validation and acknowledgment, Sitharaman’s visit did more than just make headlines—it reaffirmed the government’s faith in the startup sector as a driving force of India’s digital transformation journey.

A Personal Touch to a National Mission

What made this visit unique was its tone—personal, attentive, and deeply rooted in India’s larger vision of Digital Public Infrastructure (DPI). The Finance Minister didn’t just tour the company; she engaged, interacted, and absorbed real stories of change—especially one that represents the grassroots impact of fintech.

One such story was that of Kuldeep Chauhan, a former mango farmer from Uttar Pradesh’s Hapur district, who today runs three successful electronics retail stores in Noida under the name Kuldeep Mobile House. Chauhan’s transition from farming to running a chain of electronics shops is more than a personal success—it’s a reflection of how fintech is empowering the aspirations of small-town entrepreneurs.

Thanks to Pine Labs' digital payment solutions, Chauhan’s business evolved in ways he could not have imagined a few years ago. Seamless, secure transactions, access to digital records, and better customer convenience helped him scale faster and smarter. As he shared his story with Sitharaman, it became clear that fintech is not just about transactions; it’s about transformation.

A New India Narrative: From Small Business to Viksit Bharat

The Finance Minister was visibly moved by Chauhan’s journey. She praised the role of companies like Pine Labs in enabling MSMEs and small retailers to thrive in the digital economy. Her remarks echoed the government's larger ambition—“Viksit Bharat by 2047”, a vision laid out by Prime Minister Narendra Modi to make India a developed nation in the next two decades.

In that moment, Pine Labs wasn't just a startup anymore. It became a symbol—of digital empowerment, of inclusive growth, and of the shifting landscape where technology, policy, and entrepreneurship converge to change lives.

Behind the Scenes: Pine Labs’ Bold Leap Forward

For Pine Labs, this visit came at a pivotal juncture. The company is preparing for a much-anticipated $1 billion IPO, and the mood inside the office is buzzing with energy and cautious optimism.

Adding to this momentum is a leadership shuffle: Amrish Rau, the face of Pine Labs’ recent growth, has now been appointed as the Chairman and Managing Director, effective March 24, 2025. Rau, a seasoned fintech leader who previously headed PayU India, joined Pine Labs as CEO in 2020 and has since been instrumental in its evolution into a global payments powerhouse.

Taking to social media platform X (formerly Twitter), Rau expressed his excitement after the FM’s visit, writing, “Today was an exciting and unbelievable day. We got an opportunity to host our Hon. Finance Minister @nsitharaman to explore & understand ideas in Fintech! It was a full house and our FM was completely immersed in her interactions and Tech discussions!”

The timing couldn’t be more strategic. With final approvals from the National Company Law Tribunal (NCLT) to merge its Indian and Singaporean arms, Pine Labs is streamlining operations ahead of the public listing. Five prominent investment banks—Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies—have been roped in to handle the IPO, signaling the scale and seriousness of this move.

A Shift Toward Desi Listings

Interestingly, Pine Labs’ IPO plans reflect a changing sentiment in the Indian startup ecosystem. Initially planning to list overseas, the company is now gearing up for a domestic listing, joining the ranks of high-growth startups like PhonePe, Groww, and Zepto, who have either shifted base to India or restructured operations for a local debut.

The move isn’t just about market conditions—it’s about ownership of India’s digital narrative. As Indian startups rise in influence, listing locally also means staying connected to the home market, its investors, and its policy frameworks.

A Fintech Giant in the Making

Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs has steadily grown into a formidable fintech player. From offering Point-of-Sale (PoS) terminals to providing advanced online payment gateway solutions, the company today serves over 500,000 merchants across India, the Middle East, and Southeast Asia.

Its investor list reads like a fintech hall of fame: Peak XV Partners (formerly Sequoia India), Temasek, PayPal, and Mastercard—all backing its vision and reach. The company competes in a tight space, going head-to-head with Paytm, PhonePe, and Razorpay, each vying for dominance in India’s digital payment ecosystem.

Should Pine Labs' IPO materialize as expected, it would mark the biggest Indian fintech public listing since Paytm’s historic $2.5 billion IPO in 2021.

Government’s Growing Affinity with Startups

The Finance Minister’s visit to Pine Labs isn't an isolated case. It’s part of a growing trend of the government actively engaging with India’s startup community—not just as regulators or policymakers, but as listeners, enablers, and champions of innovation.

By visiting the heart of India’s digital infrastructure—the startups building it—leaders like Sitharaman are signaling a new model of governance: one where policy is informed by on-ground insights, and where innovation is recognized as a national growth engine.

In a country that is sprinting toward becoming a $5 trillion economy, stories like Kuldeep Chauhan’s and startups like Pine Labs are not side notes—they are central to the script.

Finance Minister Nirmala Sitharaman’s visit may have lasted a few hours, but the message it left behind will resonate for a long time: India’s fintech journey is not just about technology—it’s about empowerment, inclusion, and vision. And startups are no longer just contributors—they are the catalysts of this change.