Pine Labs, a prominent merchant commerce platform, has secured approval from a Singapore court to merge its local entity with its Indian unit and transfer all assets and properties, facilitating a shift of operations to India.
The company announced the court’s decision in a recent regulatory filing, as reported by TechCrunch. Pine Labs offers a range of products and services to merchants, including cloud-connected point-of-sale systems and working capital solutions. Backed by investors such as Peak XV, Fidelity, Invesco, Temasek, PayPal, and Alpha Wave, Pine Labs is valued at over $5 billion.
In its filing, Pine Labs cited that the merger aims to achieve business synergies, economies of scale, cost savings, and simplification of its shareholding structure.
Pine Labs becomes the third fintech firm, following PhonePe and Groww, to relocate its domicile to India from overseas. Several other fintech companies, including KreditBee, Razorpay, Meesho, and Zepto, are also in the process of transitioning their ultimate holding entities to India. Flipkart also recently made headlines with its decision to shift its base from Singapore to India.
