Pine Labs CFO: Zero Income From Gift Card Breakage, Unused Balances Flow to Brand Partners
CFO Sameer Kamath rebutted reports questioning earnings sustainability, stating unused balances on co-branded gift cards with Amazon, Flipkart and Myntra are passed entirely to partner brands. The clarification addresses investor concerns about Pine Labs' revenue mix as it pursues public market ambitions.
Pine Labs CFO Sameer Kamath clarified the company earns zero income from gift card breakage, with unused balances on co-branded cards passed entirely to partner brands like Amazon, Flipkart and Myntra, rebutting reports questioning earnings sustainability.