Peak XV Partners is celebrating one of its biggest investment wins as Pine Labs made a strong public debut this week. The venture capital firm marked the moment with trays of Pine Labs–themed cupcakes across its offices, highlighting the success of an investment journey that began more than 15 years ago.
Peak XV first backed the digital payments and fintech company in 2009. The firm later invested an estimated $32–35 million in Pine Labs’ major institutional round in 2014. Since then, Peak XV has gradually sold part of its stake through secondary transactions, realising around $550 million over the years.
Even ahead of the IPO, Peak XV still held just over 20% of Pine Labs—valued at nearly $570 million—and is expected to retain about 17% after listing. According to reports, the firm’s latest partial exit has delivered a 40x return on its early investment, making Pine Labs one of its most profitable partnerships.
Cupcakes Mark the Celebration
Peak XV managing director Ashish Agrawal shared photos of the cupcakes on social media. He wrote:
“2nd cupcake day at @peakxvpartners offices this week. Thanks to my partner @sjs_day1 for 16 years of conviction and effort! Congratulations to @PineLabs for a successful listing!”
His “second cupcake day” remark referred to the Groww IPO earlier this week—another company in which Peak XV was an early investor.
Pine Labs IPO Makes a Strong Debut
Pine Labs opened at ₹242 per share, a 9.5% premium over its issue price of ₹221, on both the BSE and NSE. The stock continued to surge throughout the day, rising more than 24% to trade around ₹275, reflecting strong investor confidence in India’s fintech growth story.
Peak XV, with early bets on both Pine Labs and Groww, has now marked two major wins in the same week—each bringing significant returns and celebration.
