Pine Labs-owned Setu to acquire 100% stake in Agya Technologies

Fintech unicorn Pine Labs plans to fully consolidate its ownership in RBI-licensed account aggregator Agya Technologies through its fintech infrastructure arm, Setu.

According to a regulatory filing, the RBI has approved Setu (BrokenTusk Technologies Pvt Ltd) to increase its stake to 100% in Agya Technologies Pvt Ltd, which until now has operated as an associate company of Setu. 

Pine Labs already has around 25% stake in Agya Technologies and the company plans to complete the acquisition of the remaining stake in the near term, potentially in one or more tranches, according to the filing.

This development follows Pine Labs' successful acquisition of all three digital payment licences from the Reserve Bank of India (RBI). These licences cover offline payments, online merchant payments, and cross-border transactions, enabling the company to offer a complete range of digital payment services across all merchant interaction points.

On the financial front, Pine Labs’ revenue increased to Rs 650 crore in Q2 FY26 from Rs 551 crore in the same quarter last year. Pine Labs reported a net profit of Rs 6 crore in Q2 FY26 versus a loss of Rs 32 crore in Q2 FY25.

Pine Labs made a positive debut on the public markets, listing at a 9.5% premium over its issue price. The stock opened at Rs 242 per share against the IPO price of Rs 221, giving the Peak XV-backed firm a stable start on the NSE and BSE.

The company’s share is trading at Rs 240.85 (as of 14:32 PM), giving it a market capitalization of Rs 26,406 crore (approx $2.9 billion).