The launches put more gaming value into a distribution operation that already handles issuance and prepaid programmes. They also illustrate a strategic trade-off in the results: reaching more buyers can grow revenue while reducing the proportion retained after distribution costs.

How Pine Labs built its prepaid position

The company’s gift-card business has roots in its 2019 acquisition of Qwikcilver. Pine Labs formally merged that operation into its Indian legal entity in 2022, while retaining the Qwikcilver brand for the associated prepaid products. That consolidation brought issuing and stored-value capabilities into a merchant-commerce business. [S05]

Its current gift-card platform covers issuance, processing and distribution. Retailers can sell through their own webstores, offer bulk corporate purchases, or reach customers through bank reward catalogues and marketplace partners. This is a business-to-business infrastructure model as well as a route for selling individual cards. [S03]

For gaming brands, those channels can place prepaid value in front of buyers beyond their own storefronts. For Pine Labs, a broader catalogue gives existing corporate and distribution partners more products to offer. The resulting incentive is additional transaction activity across shared infrastructure, rather than a requirement to build a separate retail business for each new brand.

The operating data put that established prepaid business in perspective: Pine Labs reported 23 crore prepaid cards issued in the June 2025 quarter and 20 crore in June 2026. One crore means 10 million. This is a broader prepaid issuance count across the group, not gaming-card sales, unique customers or redeemed balances; the company does not isolate the three gaming launches in this measure. [S02]

crore prepaid cards issued

Source

[S02] Pine Labs shareholder presentation

All-prepaid scope, not gaming-card-only or gift-card-only. Rounded operating KPI; issuance does not measure active balances, unique customers, redemption or programme profitability.

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Prepaid cards issued in the June quarter (crore prepaid cards issued)
Category	Company-reported measure
Q1 FY26, ended June 2025	23 crore prepaid cards issued
Q1 FY27, ended June 2026	20 crore prepaid cards issued

Growth across the issuing business

Source

Pine Labs Q1 FY27 press release, page 2 [S01]

Company-reported growth for the entire Issuing and Acquiring Platform and its geographic businesses. These percentages are not gift-card-only growth, market shares or components to add together.

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Issuing and acquiring revenue growth (%)
Category	Year-on-year revenue growth
IAP total	31%
IAP India	24%
IAP international	47%

The geographic growth rates apply to the entire division, not specifically to gaming cards. Pine

Pine Labs has brought gift-card programmes for Xbox , Roblox and Nintendo into its Indian business, adding gaming brands as its Issuing and Acquiring Platform grows. The company disclosed the launches in its July 28, 2026 results for the quarter ended June 30. Revenue in that broader division rose 31% year on year. [S01] The launches put more gaming value into a distribution operation that already handles issuance and prepaid programmes. They also illustrate a strategic trade-off in the results: reaching more buyers can grow revenue while reducing the proportion retained after distribution costs. How Pine Labs built its prepaid position The company’s gift-card business has roots in its 2019 acquisition of Qwikcilver . Pine Labs formally merged that operation into its Indian legal entity in 2022, while retaining the Qwikcilver brand for the associated prepaid products. That consolidation brought issuing and stored-value capabilities into a merchant-commerce business. [S05] Its current gift-card platform covers issuance, processing and distribution. Retailers can sell through their own webstores, offer bulk corporate purchases, or reach customers through bank reward catalogues and marketplace partners. This is a business-to-business infrastructure model as well as a route for selling individual cards. [S03] For gaming brands, those channels can place prepaid value in front of buyers beyond their own storefronts. For Pine Labs, a broader catalogue gives existing corporate and distribution partners more products to offer. The resulting incentive is additional transaction activity across shared infrastructure, rather than a requirement to build a separate retail business for each new brand. The operating data put that established prepaid business in perspective: Pine Labs reported 23 crore prepaid cards issued in the June 2025 quarter and 20 crore in June 2026. One crore means 10 million. This is a broader prepaid issuance count across the group, not gaming-card sales, unique customers or redeemed balances; the company does not isolate the three gaming launches in this measure. [S02] Prepaid cards issued in the June quarter Company-reported prepaid issuance; one crore equals 10 million cards. Company-reported measure Q1 FY26, ended June 2025: 23 crore prepaid cards issued Q1 FY27, ended June 2026: 20 crore prepaid cards issued All-prepaid scope, not gaming-card-only or gift-card-only. Rounded operating KPI; issuance does not measure active balances, unique customers, redemption or programme profitability. [S02] Pine Labs shareholder presentation Growth across the issuing business Issuing and acquiring revenue growth Pine Labs Q1 FY27, compared with the same quarter a year earlier. Year-on-year revenue growth IAP total: 31 % IAP India: 24 % IAP international: 47 % Company-reported growth for the entire Issuing and Acquiring Platform and its geographic businesses. These percentages are not gift-card-only growth, market shares or components to add together. Pine Labs Q1 FY27 press release, page 2 [S01] The geographic growth rates apply to the entire division, not specifically to gaming cards. Pine

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