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Pine Labs CEO Amrish Rau
Fintech firm Pine Labs is moving to fully consolidate its ownership of RBI-licensed account aggregator Agya Technologies, following regulatory approval from the Reserve Bank of India for its fintech infrastructure arm, Setu, to acquire the remaining stake in the company.
In a regulatory filing, Pine Labs said the RBI has approved BrokenTusk Technologies Private Limited, which operates under the Setu brand, to increase its shareholding in Agya Technologies Private Limited to 100%.
Agya Technologies currently operates as an associate company of Setu and holds an authorisation from the RBI to function as a Non-Banking Financial Company – Account Aggregator (NBFC-AA), a regulated entity within India’s financial data-sharing framework.
Pine Labs already holds around a 25% stake in Agya Technologies. With the latest approval in place, Setu plans to acquire the balance equity in the near term. The company said the transaction may be completed in one or more tranches, in line with regulatory requirements.
As mandated under the Reserve Bank of India (Non-Banking Financial Companies – Acquisition of Shareholding or Control) Directions dated November 28, 2025, Pine Labs said a public notice regarding the acquisition will be published separately in both local and national newspapers.
The consolidation of Agya Technologies comes at a time when Pine Labs has been strengthening its regulatory and payments footprint. The company recently secured all three digital payment licences issued by the RBI, covering offline payments, online merchant payments, and cross-border transactions. These approvals enable Pine Labs to offer a full spectrum of digital payment services across multiple merchant touchpoints.
On the financial front, Pine Labs reported revenue of Rs 650 crore in Q2 FY26, up from Rs 551 crore in the same quarter last year. The company also posted a net profit of Rs 6 crore during the quarter, compared with a net loss of Rs 32 crore in Q2 FY25.