October 2026
Largest RetailTech Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Pine Labs, V-Guard Industries, Bluestone Jewellery, Augmont Enterprises and Capillary Techs India.
 | Pine Labs Ltd is a technology company digitizing commerce for merchants, brands, enterprises, and financial institutions. It operates two segments: Digital Infrastructure and Transaction Platform, which contributes the majority of its revenue through in-store and online payments, affordability, value-added services, and transaction processing; and Issuing and Acquiring Platform, providing prepaid, loyalty, rewards, and card issuing and acquiring solutions. Its offerings include UPI and payment gateway services, gift cards, card management, and fintech infrastructure. Pine Labs serves banks, corporates, government, fintech, e-commerce, and startups across multiple industries, enabling customer acquisition, onboarding, expense management, rewards, refunds, and embedded bill payments. | $2 | -- | $1.9B | $1.6B | 6.5x | 119.5x | ||
| V-Guard Industries makes voltage stabilisers, electric wires and cables, pumps, water heaters, fans, kitchen appliances and solar products. It sells to consumers through dealers and retail stores, and to builders. It is among the major Indian consumer electrical brands. Headquartered in Kochi, Kerala. | $3 | -30% | $1.2B | $1.2B | 2.0x | 22.5x | ||
| Bluestone Jewellery and Lifestyle sells diamond, gold and platinum jewellery in India through its website and a growing chain of stores. Customers are consumers buying designs it makes under its own brand. It started online and moved to an omnichannel model. Headquartered in Bengaluru. | $8 | -3% | $1.2B | $1.3B | 5.2x | 32.6x | ||
| Augmont Enterprises buys, refines and sells gold and silver and runs a digital gold platform and a jewellery supply network. Customers are consumers, jewellers and partner platforms. Headquartered in Mumbai. | $12 | -- | $1.1B | $1.1B | 0.1x | 21.5x | ||
| Capillary Technologies India Ltd is a software product company offering artificial intelligence (AI)-based cloud-native Software-as-a-Service (SaaS) products and solutions. The company's product portfolio includes loyalty management platform (Loyalty+), connected engagement platform (Engage+), predictive analytics platform (Insights+), rewards management platform (Rewards+) and customer data platform. Geographically, the company has a presence in the United States, United Kingdom, United Arab Emirates and other Asian countries. It serves various industries including Airlines, Fuel Retail, Conglomerates, Hospitality, Retail, and Food & Beverage. The maximum revenue is derived in the form of Subscription Revenue from the United States of America. | $6 | -- | $480M | $470M | 6.1x | 36.6x | ||
| Purple Style Labs runs Pernia's Pop-Up Shop, an online and offline luxury Indian fashion platform selling designer wear and accessories. It sells to consumers in India and abroad through its website and stores. The company is headquartered in Mumbai. | $5 | -- | $423M | $504M | 8.6x | (47.5x) | ||
| Vaibhav Global sells jewellery and lifestyle products to consumers in the US, UK and Germany through its own television shopping channels and online platforms. It also manufactures jewellery in Jaipur. Headquartered in Jaipur. | $2 | -- | $332M | $337M | 0.9x | 8.2x | ||
| Apparel maker and retailer selling menswear, womenswear and kidswear under the Cantabil brand through a large chain of exclusive stores, mostly in tier 2 and 3 cities of north India. Has in-house manufacturing in Delhi NCR and Uttarakhand. | $3 | -12% | $215M | $270M | 3.0x | 9.5x | ||
| AGS Transact Technologies Ltd is an integrated omni-channel payment solutions provider in India in terms of providing digital and cash-based solutions to banks and corporate clients. It provides customized products and services comprising ATM and Cash Recycler Machines outsourcing, cash management, and digital payment solutions including merchant solutions, transaction processing services, and mobile wallets. The company's operating segments include Payment Solutions, Banking Automation Solutions, and Other Automation Solutions. It generates the majority of its revenue from the Payment Solutions segment. | $0 | -52% | $3M | $3M | 0.0x | 0.1x | ||
| Median | $3 | -21% | $480M | $504M | 3.0x | 21.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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