Pine Labs has received a substantial acquisition disclosure from SBI Mutual Fund after the fund house crossed the 5% shareholding threshold through a market purchase transaction completed on February 23, 2026.

Acquisition Details

SBI Mutual Fund, operating under its various schemes, acquired 2,40,000 shares of Pine Labs on February 23, 2026. This acquisition represents 0.0209% of the company's total share capital and pushed the fund's total shareholding above the 5% threshold that triggers mandatory disclosure requirements under SEBI regulations.

Regulatory Compliance

The acquisition triggered reporting requirements under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. SBI Funds Management Limited, through its Chief Compliance Officer & Company Secretary, formally notified Pine Labs of the substantial acquisition on February 24, 2026.

The disclosure was also submitted to both major stock exchanges where Pine Labs shares are listed:

• National Stock Exchange of India Limited
• BSE Limited

Company Share Capital Structure

Pine Labs' equity share capital remained unchanged following the transaction:

Fund House Position

SBI Mutual Fund's final holding position as of the close of business hours on February 23, 2026, stands at 5,75,82,504 shares. The fund house confirmed that it does not belong to the promoter or promoter group of Pine Labs and holds no encumbrances, voting rights other than equity shares, or convertible securities in the company.

The acquisition represents a strategic investment by one of India's leading mutual fund houses in the fintech company, reflecting institutional confidence in Pine Labs' business prospects.

Pine Labs has announced landmark multi-year contracts with India's three leading Oil Marketing Companies (OMCs) - Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), and Indian Oil Corporation Limited (IOCL). This significant development positions the fintech platform as a key player in modernizing payment infrastructure across the petroleum retail sector.

Contract Scope and Infrastructure Deployment

The comprehensive contracts involve deploying, managing, and maintaining digital payments infrastructure at petrol pumps and merchant outlets across India. Pine Labs will leverage its expertise in managing payment rails for swifter, secure, and seamless money movements at point of sale locations.

IOCL Partnership and XTRAPOWER Loyalty Platform

For IOCL specifically, Pine Labs will manage the XTRAPOWER loyalty rewards platform, which serves lakhs of fleet operators across India. The program features robust API integrations and comprehensive services including fuel management, fleet analytics, trip management, and secure Chip and PIN digital payment transactions supporting card, mobile, and RFID payments.

Leadership Perspective and Strategic Vision

Commenting on the announcement, B Amrish Rau, CEO of Pine Labs Limited, stated: "By combining our tech prowess with the massive retail footprints of top OMCs in India, we are enabling a tech-first and robust payments infra and a world-class prepaid loyalty rewards ecosystem. Software-first approach of Pine Labs will ensure faster product feature rollouts, minimal on-site intervention, and a unified payments and rewards/loyalty platform for accelerated digitisation of fuel retail commerce in India."

Market Impact and Digital Transformation

This fintech partnership with public sector behemoths reinforces the commitment of leading Indian OMCs and Pine Labs towards customer-centricity through seamless, secure, and frictionless digital payments and loyalty rewards experiences. The initiative will significantly enhance the digital payment experience for millions of customers across oil retail outlets nationwide, providing Pine Labs with substantial long-term revenue visibility and strengthening its market position in the digital payments industry.