On May 9, a Singapore Court approved the Lab request to merge its local entity with its Indian company, Pine Labs Private Limited, and transfer all its assets and properties.
Pine Labs provides a variety of products and services to merchants, including cloud-connected point-of-sale machines and working capital. The company is backed 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 also 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. Currently, several fintech firms, including KreditBee, Razorpay, Meesho, and Zepto, are working on shifting their ultimate holding entities to India.
