Pine Labs has acquired Shopflo Technologies, a SaaS-based online checkout platform, for ₹88 crore ($9.3 million), in an all-cash transaction.

Obhan Mason advised Pine Labs on the end-to-end transaction, from deal structuring, comprehensive legal due diligence, drafting and negotiation of definitive agreements, to regulatory advisory. The firm also provided strategic guidance on transaction execution within the governance and compliance framework applicable to a publicly listed entity.

The transaction was led by Ashima Obhan (Senior Partner), along with Vrinda Patodia (Partner), Arzu Chimni (Associate Partner), Priyanka Narayanan (Senior Associate), Associates Arnav Joshi and Urvi Singh.

Shardul Amarchand Mangaldas & Co advised Shopflo on this transaction.

The transaction team consisted of Manish Gupta (Partner), Nikita Goyal (Partner) and Ayush Singh (Senior Associate).

Shopflo operates at the critical checkout layer of the D2C commerce stack, enabling brands to optimize conversion rates and reduce cart abandonment. Its platform currently powers over 1,000 direct-to-consumer brands.

The transaction represents Pine Labs’ first strategic acquisition following its public listing in 2025.

The transaction also enables a full exit for Shopflo’s early-stage investors, including Tiger Global, TQ Ventures, and Better Capital. Shopflo’s founding team - Priy Ranjan, Ankit Bansal, and Ishan Rakshit - will step down from their executive roles following the acquisition and will remain associated with the company in an advisory capacity only. 

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