Alpha Wave exits Pine Labs in US$74.7M block deal
What's the deal? Alpha Wave has sold nearly its entire stake in fintech firm Pine Labs through a block deal worth US$74.7M. The investor offloaded 3.54 crore shares — a 3.11% holding — at US$2.11 each, exchange data showed on Wednesday.
Who bought in? A consortium of institutional investors picked up the shares. ICICI Prudential Life Insurance CompanyDealroom has a profile for this one. Try Dealroom → led with 1.03 crore shares for roughly US$21.7M, followed by Societe Generale, Edelweiss Mutual FundDealroom has a profile for this one. Try Dealroom →, Goldman Sachs Investments MauritiusDealroom has a profile for this one. Try Dealroom →, Norges BankDealroom has a profile for this one. Try Dealroom →, and others.
What's left? After the sale, Alpha Wave holds just 4.85 lakh shares in Pine Labs.
Why now? The exit fits a broader pattern of Alpha Wave cashing out of Indian technology firms. In June it sold its entire 1.93% stake in Delhivery for about US$90.3M, and it has trimmed its Lenskart holdings — a 2.46% stake in May, plus US$252.2M worth of shares in August. It also exited Aye Finance via a US$43.7M block deal.
How's Pine Labs doing? The company reported operating revenue of US$100.1M in Q1 FY26, up 20% year-on-year. Profit quadrupled to US$2.72M over the same period.
The signal: Pine Labs shares closed at US$2.2 on Wednesday, giving it a market capitalisation of US$2.55B, or nearly $2 billion. Alpha Wave's steady sell-down suggests a deliberate move to lock in gains across its Indian portfolio as public markets offer profitable exits.
Read more: startupsuperb.com
Image credit: Ken Lund
