Pine Labs is considering a $1 billion initial public offering in India.

Pine Labs Pvt, a digital payments provider in Asia supported by Peak XV Partners and Mastercard Inc., may raise approximately $1 billion in an IPO in India, sources familiar with the situation reported, due to growing interest from investors in the country's stock market.

According to sources who requested anonymity due to the sensitive nature of the information, the company might aim for a valuation exceeding $6 billion in its upcoming IPO. They stated that Pine Labs may release new and secondary shares. It may also choose to conduct a pre-IPO funding round before going public.

An IPO of Pine Labs worth roughly $1 billion would be the largest among Indian fintech companies since One97 Communications Ltd., the company behind Paytm, raised approximately $2.5 billion in 2021, as reported by Bloomberg data.

According to reports, the considerations are preliminary and no final decisions have been reached.

Also, as per its website, Pine Labs provides services to more than 500,000 merchants in over 3,700 cities in India, the Middle East, and Southeast Asia. It offers merchants payment solutions and additional financial services. Some of its corporate clients are Sony Group Corp., BMW AG, and Samsung Electronics Co.