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Obhan Mason is pleased to announce its role as lead legal counsel to Pine Labs, a leading merchant commerce platform, in its 100% acquisition of Shopflo Technologies, a SaaS-based online checkout platform.

The transaction, valued at ₹88 crore (USD 9.3 million), represents Pine Labs’ first strategic acquisition following its public listing in November 2025. The deal was executed as an all-cash transaction, funded through Pine Labs’ internal accruals.

Obhan Mason advised Pine Labs on the end-to-end transaction, from deal structuring, comprehensive legal due diligence, drafting and negotiation of definitive agreements, to regulatory advisory. The firm also provided strategic guidance on transaction execution within the governance and compliance framework applicable to a publicly listed entity.

Shopflo operates at the critical checkout layer of the D2C commerce stack, enabling brands to optimize conversion rates and reduce cart abandonment. Its platform currently powers over 1,000 direct-to-consumer brands.

The transaction also enables a full exit for Shopflo’s early-stage investors, including Tiger Global, TQ Ventures, and Better Capital, reflecting a successful value creation cycle within India’s startup ecosystem. Shopflo’s founding team - Priy Ranjan, Ankit Bansal, and Ishan Rakshit - will step down from their executive roles following the acquisition and will remain associated with the company in an advisory capacity only. The acquisition comes amid increasing competition among fintech and payments players in India, such as Razorpay and PayU.

The transaction was led by Ashima Obhan, Senior Partner, along with Vrinda Patodia Partner, Arzu Chimni, Managing Associate, Priyanka Narayanan, Senior Associate, Arnav Joshi, Associate and Urvi Singh, Associate, who advised on corporate, transactional, data protection, and regulatory aspects of the deal.