Alpha Wave Sells Nearly Entire Pine Labs Stake for ₹550 Cr

Global investment firm Alpha Wave has sold nearly its entire stake in fintech company Pine Labs through a ₹550 crore block deal. Alpha Wave Ventures II offloaded around 3.54 crore shares at an average price of ₹155.10 apiece, representing roughly 3.1% of Pine Labs’ equity. The transaction leaves Alpha Wave with just about 4.9 lakh Pine Labs shares, compared with more than 3.59 crore shares at the end of the June quarter. The shares were sold at around a 4.4% discount to Pine Labs’ closing price on the day of the transaction. Institutional investors absorbed much of the stake. ICICI Prudential Life Insurance purchased more than 1 crore shares, while Societe Generale bought 45.3 lakh and Goldman Sachs picked up 41.6 lakh shares. Domestic mutual funds including JM Financial and Edelweiss also participated in the deal. The Pine Labs sale adds to a string of recent exits by Alpha Wave. The investor sold ₹1,856.8 crore worth of Lenskart shares last week and exited its 7.78% holding in Aye Finance for around ₹322.6 crore. Earlier, it exited Delhivery through a stake sale worth approximately ₹665 crore. Pine Labs itself has seen multiple secondary transactions since its six-month post-IPO lock-in expired in May. The stake sale comes as Pine Labs continues to improve its financial performance. Its Q1 FY27 operating revenue rose 20% year-on-year to ₹736.9 crore, while net profit increased more than fourfold to ₹19.6 crore. For FY26, revenue reached ₹2,711 crore and the company posted a ₹113 crore profit, compared with a ₹145 crore loss a year earlier. Alpha Wave’s near-exit therefore appears less about weakening fundamentals and more about an early investor converting a long-held position into liquidity as institutional ownership expands.