Pine Labs, a leading digital payments company, has acquired Shopflo Technologies for ₹88 crore (approximately $9.4 million), enhancing its product offerings for online merchants. Shopflo, based in New Delhi and founded in 2021, provides payment checkout services to 1,000 direct-to-consumer (D2C) brands, including features like discounts and loyalty programs. This acquisition marks Pine Labs' first investment following its public listing and aims to expand its reach into the mid-market and small business segments, where competitors like Razorpay have a strong foothold. The three co-founders of Shopflo will transition to advisory roles post-acquisition. Pine Labs has reported a profit of ₹42 crore on operating revenue of ₹744 crore for the December quarter, reflecting a 23% year-on-year increase. The company plans to fund this acquisition through internal accruals, leveraging its cash reserves of around ₹1,100 crore.