IPO-bound Pine Labs forays into the wearables segment via BNPL platform

Indian fintech player, Pine Labs, announced on Thursday that it is entering the wearables segments with its Pine Labs Pay Later EMI option. With this development, users in India can purchase wearable devices using the company’s Buy Now Pay Later arrangement. Some of the brands offering their products on the platform include Fire-Boltt and PLAY.

The ever-growing watch-based wearables market along with the fitness-focused generation inspired the IPO-bound company to make a move into this space, according to Mayur Mulani, Business Leader of Pay Later at Pine Labs. “They (younger generation) are relying on smart EMI offers on these wearables to meet their needs. Wearables has seen significant growth in India in recent years and our merchant partners can now offer digital Pay Later options to shoppers and drive sales in the process.”

Mulani further added that the ongoing festival season will further provide an impetus and push the sales of its present offerings as well as benefit the retail merchant community as well.

Arnav Kishore, founder and CEO of smart watch brand, Fire-Boltt, believes that this tie-up will specifically benefit those shoppers who are looking for instant EMI purchase options at the retail store to buy quality wearable devices. “Together with Pine Labs we will give merchants another avenue to sell more and sell fast in this much-awaited period of growth,” he said.

Pine Labs which was started in 1998 by Lokvir Kapoor has operations across India as well as the southeast Asian region. While the Noida-based company started as a smart-card payment player, it has evolved to become a mainstream payments entity. In June this year, the brand hit the headlines for acquiring API fintech start-up, Setu, which is based out of Bangalore.   

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