Pine Labs, a merchant commerce startup, has received authorization from a Singaporean court to merge its Indian and Singaporean units.
A Singaporean court has granted Pine Labs, a merchant commerce startup, permission to combine its Indian and local units and transfer all of its properties and assets, allowing the company to move its operations to India.
Pine Labs disclosed the court ruling in a recent regulatory filing that the media viewed.
They provides retailers with a variety of goods and services, including working capital and cloud-connected point-of-sale devices. Peak XV, Fidelity, Invesco, Temasek, PayPal, and Alpha Wave support Pine Labs, which has a valuation of more than $5 billion.
It is one of the few Indian firms that recently moved their headquarters to India. Meesho, Zepto, Flipkart, Razorpay, and Udaan are also assessing comparable actions. PhonePe and Groww, two fintech businesses, have already moved their foreign holding companies to India.
Pine Labs opted not to respond.
Companies are relocating to India because it is extremely unlikely that businesses valued at less than $20 billion will receive significant coverage from analysts in developed markets, resulting in a lack of demand from institutional investors, according to an Indian startup investor.
But because there is such a high demand for tech businesses in India, everything trades at a premium, the investor said, requesting anonymity to be completely honest.
Entrepreneur Gokul Rajaram made an analogous discovery regarding Indian software startups.
Pine Labs anticipates the transfer will aid in “achieving business synergies and more economies of scale.” Additionally, it will assist the company in “achieving cost savings” and “simplifying the shareholding structure.”