Pine Labs commits to Indian online payments space and acquires Qfix

Leading merchant commerce platform, Pine Labs today announced that it has acquired Mumbai-based Qfix Infocomm Pvt. Ltd., an online payments startup.

Qfix is a cloud-based end-to-end platform delivering online integrated payments and billing services to multiple sectors. More than 5,000 merchants are presently on the Qfix platform including educational institutions, governments, and clubs. The company solves for billing and invoices issues and has created robust workflow management solutions for these merchants. HDFC Bank is their lead distribution partner today.

“We are thrilled to partner Pine Labs, one of the leading fintech companies in India and Southeast Asia. I am confident this acquisition will further accelerate our growth momentum and help us serve to the needs of multiple sectors requiring curated and innovative online payment solutions and commerce solutions that are secure, seamless, and speedier when it comes to execution,” said Venugopal Choudhary, MD, Qfix Infocomm Pvt. Ltd.

Commenting on the announcement, Amrish Rau, CEO, Pine Labs, said “Delighted to welcome the Qfix team. We are quite upbeat about the potential of this promising platform and impressed with what they have already achieved in a short span of time. As businesses look at ways to improve efficiency, everyday processes between suppliers and customers need an overhaul too. Qfix’s innovations through their smart invoicing and workflow management and billing tools would help offer a complete merchant payments and commerce platform through Plural.”

In October 2021, Pine Labs had announced its foray in the online payments space with the launch of Plural and under it three key products: Plural Gateway, Plural Checkout, and Plural Console.

Terms of the deal were not disclosed.