Anjali Sharma
GG News Bureau
NEW YORK, 22nd May. The leading merchant commerce platform Pine Labs on Tuesday announced that it has received approval from a Singapore court to amalgamate its local entity with its Indian unit and transfer all its assets and properties, effectively allowed the company to move its operations to India.
TechCrunch reported that the company disclosed the court order in a recent regulatory filing.
Pine Labs provides a variety of products and services to merchants, including cloud-connected point-of-sale machines and working capital.
The company is supported by Peak XV, Fidelity, Invesco, Temasek, PayPal, and Alpha Wave, and is valued at over $5 billion.
In the court filing, the startup mentioned that the transfer is expected to help Pine Labs “achieve business synergies and more economies of scale.”
It will help the company “achieve cost savings” and “simplification of the shareholding structure”, the report mentioned.
Pine Labs has become the third fintech company, after PhonePe and Groww to relocate its domicile to India from overseas.
Many fintech firms, including KreditBee, Razorpay, Meesho, and Zepto, are working on shifting their ultimate holding entities to India.
Flipkart made headlines for shifting its base to India from Singapore, TechCrunch reported
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