MUMBAI: Fintech firm Pine Labs has received a Singapore Court‘s nod to shift its base to India. The court, in a recent order, has approved the merger of the company’s Singapore and India entities, effectively setting the process in motion, regulatory filings from data platform TheKredible showed. Pine Labs declined to comment.
“The amalgamation will lead to a reduction in overheads including administrative, statutory compliances and will improve efficiency and enable the group to optimally allocate and utilise resources by avoiding duplication between India and Singapore,” according to the filing.
Pine Labs joins other fintechs like PhonePe and Groww which have moved their domicile back to India amid rapid adoption of technology by local consumers and widening market opportunities for startups. Earlier this month, Lalit Keshre, founder & CEO at Groww, said the company has completed its domicile transition back to India from the US as of March 2024. Razorpay is also in the process of moving base to India from the US.
Backed by investors like Temasek and Peak XV Partners, Pine Labs had last raised $150 million from Alpha Wave in 2022 at an estimated valuation of $5 billion. Initially, it had initially planned to float an overseas IPO but deferred the idea on the back of choppy market conditions. In 2022, Walmart-owned PhonePe shifted its base to India from Singapore, coughing up Rs 8,000 crore in taxes to the Indian authorities in the process.
“The amalgamation will lead to a reduction in overheads including administrative, statutory compliances and will improve efficiency and enable the group to optimally allocate and utilise resources by avoiding duplication between India and Singapore,” according to the filing.
Pine Labs joins other fintechs like PhonePe and Groww which have moved their domicile back to India amid rapid adoption of technology by local consumers and widening market opportunities for startups. Earlier this month, Lalit Keshre, founder & CEO at Groww, said the company has completed its domicile transition back to India from the US as of March 2024. Razorpay is also in the process of moving base to India from the US.
Backed by investors like Temasek and Peak XV Partners, Pine Labs had last raised $150 million from Alpha Wave in 2022 at an estimated valuation of $5 billion. Initially, it had initially planned to float an overseas IPO but deferred the idea on the back of choppy market conditions. In 2022, Walmart-owned PhonePe shifted its base to India from Singapore, coughing up Rs 8,000 crore in taxes to the Indian authorities in the process.
