New Delhi, Dec 29 : Leading merchant commerce platform Pine Labs has reached Rs 1,588 crore in revenue in the fiscal year ending March 2023, from Rs 1,017 crore in FY22 which is a 56.15 per cent growth. Pine Labs' losses decreased 12.3 per cent to Rs 227 crore in FY23 compared to Rs 259 crore in FY22, reports Entrackr, citing its consolidated financial statements filed in Singapore. The Peak XV Partners-backed company has grown over two-fold in terms of operating scale in the last two fiscal years (It registered Rs 726 crore in revenue in FY21). Employee benefit expenses accounted for 45 per cent of the overall expenditure in FY23. Incorporated in Singapore, the key investors of Pine Labs include Actis Capital, Temasek, PayPal and Mastercard. Pine Labs recently launched Mini, a new QR and card acceptance device, which is expected at nearly one-third of the cost of a regular point of sale (PoS) terminal. The QR-first and card tap contactless payments device is targeted at small and medium enterprises (SMEs) and further boost digital payments adoption in India. 'QR-based and card tap payments are a perfect solve for Indian consumers on the go. On the merchant-side, an absolute must is a fast checkout experience and elimination of the cost barrier in point-of-sale digitisation,' said Navnit Nakra, chief revenue officer, Pine Labs. Nakra joined Pine Labs from global smartphone brand OnePlus in August. Pine Labs has been at the forefront of the ongoing digital payments revolution in India offering merchants innovative payment solutions for their omnichannel needs. In May this year, Pine Labs announced the acceptance of digital rupee on its point of sale (PoS) terminals in partnership with ICICI Bank. /IANS