India, June 26 -- IPO-bound fintech major Pine Labs is currently grappling with multiple tax and legal challenges in India, amounting to over INR 300 Cr in GST-related claims, as per its draft red herring prospectus (DRHP).

The most recent development came in February 2025, when the Joint Commissioner in Bangalore upheld a tax demand of INR 214.1 Cr (excluding interest and penalties) raised by GST Intelligence, Mumbai.

In August 2024, the GST authorities alleged that Pine Labs wrongly availed GST credits between July 2017 and March 2024. The credits were tied to co-branding activities, product listing fees on online platforms, and advertising for gift card sales. Pine Labs has contested the order.

In August last year, a separate GST au...