Mastercard to sell 49.7 million Pine Labs shares in ₹893 crore block deal

Mastercard Inc. is selling up to 49.7 million Pine Labs Ltd shares in a block deal worth up to ₹893 crore (about $93 million). The shares are priced at a floor of ₹179.50 each, 7.3% below Pine Labs' closing price of ₹193.70 on the NSE on 21 September. The offering represents roughly 4.3% of Pine Labs' total equity and will mark Mastercard's full exit from the Indian payments startup. Citigroup Global Markets India Pvt. Ltd. is the sole placement agent for the transaction. Mastercard first invested in Pine Labs in 2020, putting roughly $100‑150 million into the company and helping it reach unicorn status. It later reduced its 5.22% stake during Pine Labs' IPO in November 2025. The current sale comes four months after the lock‑in period for pre‑IPO investors ended in May 2026, when a six‑month lock‑in that began on 13 May allowed up to 924 million shares – about 80% of the company's equity – to be freely traded. The Pine Labs block deal follows a wave of similar large‑size sales in Indian tech firms. On 2 September SoftBank Group offered a stake in Meesho worth ₹1,435 crore, while Y Combinator‑linked investors sold 48.5 million Meesho shares for ₹970 crore on 24 August. Fidelity Investments offloaded a 1.3% stake in the same stock for ₹988 crore on 11 June. SoftBank also sold Lenskart shares worth ₹2,888 crore in August and ₹2,873 crore in June. Other recent transactions include Ribbit Capital’s ₹1,914 crore offer in Groww’s parent, Y Combinator’s ₹1,400 crore Groww sale, and a ₹600 crore block in Amagi Media Labs by Trudy Holdings, AVP I Fund and Accel.