Pine Labs acquires enterprise platform from Saluto Wellness

Merchant commerce platform Pine Labs has acquired a proprietary enterprise platform from Bengaluru-based Saluto Wellness Private Limited at an undisclosed quantity. 

This acquisition will increase the capabilities of Pine Labs’ issuing enterprise beneath the Qwikcilver model, enabling it to strengthen its choices throughout worker rewards and recognition, buyer loyalty packages, and channel associate packages for medium and huge enterprises. Pine Labs has a number one presence in India in pay as you go, saved worth, and present card options via its 2019 acquisition of Qwikcilver, an entity that merged with the Amris Rau-led firm in September 2022. 

Founded by Siva Kumar and Anoop Nambiar in 2017. Saluto Wellness is an built-in engagement & wellness service supplier that helps organisations have interaction with staff, shoppers and channel companions with a rewards and recognition method.

Last 12 months, Pine Labs acquired stakes in three startups –fintech infrastructure firm Setu, funds resolution supplier Mosambee and on-line funds startup Qfix. 

Backed by the likes of Sequoia India, Actis Capital, Temasek, PayPal and Mastercard, Pine Labs’ working income jumped by 40.1% to Rs 1,017 crore in FY22 from Rs 726 crore throughout FY21. The agency managed to maintain a tab on its losses which merely grew 4.5% to Rs 259 crore in FY22.