Pine Labs Buys Setu For $70-75mn | 3rd Acquisition For CO In 2022 | Start Up Central

Nasdaq-bound Pine Labs has bought API infrastructure startup Setu for $70-75mn. ET Now had broken this story two days prior to the deal announcement.

Setu was founded in 2018 by Nikhil Kumar and Sahil Kini, and both had previously worked on IndiaStack. Urban legend has it that Nandan Nilekani locked up both Sahil and Nikhil in a room, and said something like, “You both must work together so figure out what you will do.” That’s how Setu started.

Setu—which literally means bridge in Hindi—started off as an API infrastructure firm for billing, savings, credit and payment. Of late it’s also been focusing on account aggregator framework and stacking credit on top of UPI via the Open Credit Enablement Network (OCEN).

Pine Labs will get access to Setu’s account aggregator framework, and that will help in the former’s plans for launching financial services. Setu’s tech stack will also eliminate the need for Pine Labs to do multiple integrations for a single product/service.

Setu’s founders Nikhil Kumar and Sahil Kini make regular appearances on ET Now, especially to demystify regulations and developments around digital payments. And, here they are on #StartUpCentral talking to Nayantara Rai on Setu’s new chapter. Both the founders are staying on, and will continue to build the API startup.
#ETNow #StartUpCentral #Setu