Pine Labs has launched Dukaan Studio to modernise offline Kirana stores. Dukaan Studio, a fresh endeavour from B2B payments unicorn Pine Labs. It was created to assist Kirana store owners in modernising their establishments. By providing several customised products like shopping bags, visiting cards, offer danglers, tent cards, decor lights, stationery, and t-shirts, the initiative would assist Kirana stores throughout India in receiving a facelift. However, Pine Labs partners only with legitimate point-of-sale (POS) IDs are permitted access to this facility. It wasn’t immediately clear whether the Kirana stores collaborating with Pine Labs would receive the service at no cost. Owners of Kirana stores can access the Dukaan Studio website, choose the items they want, and enter their delivery information. The order would then be finalised after a Dukaan Studio support executive got in touch with them.
As Kirana stores compete with larger retail chains. This move will help Kirana stores modernize their stores and upgrade their brand image. Dukaan Studio launches as the unicorn fintech company experiences a net loss increase of 4.5% to Rs 259.1 crore from Rs 247.8 crore in the fiscal year 2021. The fintech’s operational revenue increased by 1.4X, from Rs 726.1 crore in FY21 to Rs 1,017 crore in FY22. Pine Labs provides point-of-sale (POS) payments in India, Malaysia, and the United Arab Emirates.
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Lokvir Kapoor established it in 1998 and Amrish Rau runs it. Along with other companies, it is in competition with Razorpay, PayU, and MSwipe. The startup has raised over a billion dollars in funding to date, and prestigious investors like the State Bank of India, MasterCard, Sequoia Capital, and Alpha Wave Ventures support it. To expand its issuing business under the Qwikcilver brand. Pine Labs earlier this year purchased Bengaluru-based Saluto Wellness platform. To expand its offerings, it also bought Bengaluru-based fintech infrastructure startup Setu. Last year in a $70 million to $75 million deal.
