Pine Labs Limited has submitted its quarterly monitoring agency report for the quarter ended December 31, 2025, providing detailed insights into the utilization of proceeds from its Initial Public Offering. The fintech company filed the mandatory report with both BSE and NSE on January 28, 2026, in compliance with SEBI regulations.

IPO Proceeds Utilization Overview

The monitoring report, prepared by CARE Ratings Limited, reveals the company's progress in deploying its ₹2,080.00 crore IPO proceeds across various strategic objectives. During Q3FY26, Pine Labs utilized ₹610.76 crore, leaving ₹1,469.24 crore unutilized at the quarter end.

Key Areas of Fund Deployment

The company has made significant progress in two primary areas of its stated objectives. The largest utilization was towards debt repayment, where Pine Labs deployed ₹532.00 crore for the repayment and prepayment of certain borrowings, completing this objective as outlined in the offer document.

Additionally, ₹78.76 crore was utilized for IPO expenses, leaving ₹22.91 crore remaining for this category. The monitoring agency confirmed that all utilizations were in accordance with the disclosures made in the offer document, with no deviations observed.

Unutilized Funds Deployment Strategy

Pine Labs has adopted a conservative approach for its unutilized IPO proceeds, investing the funds in fixed deposits with reputable banks. The deployment strategy ensures capital preservation while generating steady returns.

Pending Strategic Investments

Several key investment areas remain unutilized, indicating the company's measured approach to capital deployment. The largest pending allocation is ₹760.00 crore designated for investment in IT assets, cloud infrastructure, procurement of digital check-out points, and technology development initiatives.

Further, ₹626.33 crore allocated for general corporate purposes and unidentified inorganic acquisitions remains unutilized, suggesting the company is evaluating opportunities carefully. An additional ₹60.00 crore earmarked for investments in subsidiaries Qwiksilver Singapore, Pine Payment Solutions Malaysia, and Pine Labs UAE for international expansion also remains undeployed.

Regulatory Compliance and Monitoring

The monitoring agency report confirms no material deviations from the stated objectives, with all regulatory approvals and compliance requirements being met. CARE Ratings Limited, serving as the monitoring agency under the agreement dated October 30, 2025, has provided an objective assessment based on chartered accountant certificates, management certifications, and bank statements.

The report indicates this is the first monitoring agency report for Pine Labs following its IPO, which took place from November 07, 2025, to November 11, 2025. The company's Board of Directors and Audit Committee reviewed and considered the report in their respective meetings held on January 28, 2026.

Pine Labs Limited has announced a strategic partnership with Pan Asia Banking Corporation (PABC), one of Sri Lanka's largest listed entities, to deploy a comprehensive API-first Card Issuing and Processing Platform. The announcement was made on January 28, 2026, marking a significant expansion of Pine Labs' footprint in the Sri Lankan financial services market.

Partnership Details and Platform Capabilities

Under this partnership, Pine Labs will implement its Credit+ platform to provide Pan Asia Bank with a full-stack Credit Card Management System. The platform is designed to support high transaction concurrency and uptime while offering flexible and scalable product configurations.

The Credit+ platform will integrate seamlessly with Pan Asia Bank's existing core banking platform and payment networks, delivering rule-based controls and configurable limits through APIs.

Leadership Perspectives

B Amrish Rau, CEO of Pine Labs, emphasized the technological advantages of the partnership: "Our engagement with Pan Asia Bank is around implementation of a modern credit card management platform using our cloud-native and API-first card management technology. Our platform will help the bank handle the entire card lifecycle giving them complete control over configurations, limits, and program logic as volumes scale."

Naleen Edirisinghe, Director/Chief Executive Officer of Pan Asia Bank, highlighted the strategic importance of the collaboration: "This partnership with Pine Labs marks an important milestone in our digital transformation journey as it further strengthens our ability to deliver faster, smarter and more secure card services to our customers, while building the scalable infrastructure required to support our long-term growth and innovation agenda."

Technical Architecture and Benefits

The customized architecture of Pine Labs' platform will enable Pan Asia Bank to introduce new card products with enhanced operational efficiency. Key capabilities include:

• Real-time authorization processing
• Seamless modification of controls and limits
• Swift response to regulatory or market changes
• Minimal impact on core banking infrastructure
• API-driven configurability for product launches

Regional Market Expansion

This partnership represents Pine Labs' second major banking client in Sri Lanka within a span of few months, demonstrating the company's growing presence in the region. As banks across Sri Lanka continue to embrace agile alternatives to legacy card systems, Pine Labs is positioning itself as a trusted technology partner for innovative and future-ready card issuing and processing solutions.

The collaboration underscores the increasing demand for modern, scalable financial technology solutions in the Sri Lankan banking sector, with institutions seeking to enhance their digital capabilities while maintaining operational flexibility and regulatory compliance.