Merchant commerce startup Pine Labs has received approval from a Singapore court to merge its local subsidiary with its Indian arm and transfer all assets and properties, effectively moving the company's operations to India. permitted to be transferred.
Pine Labs disclosed the court order in a recent regulatory filing seen by TechCrunch.
Pine Labs offers a variety of products and services to merchants, including cloud-connected POS machines and working capital. Backed by Peak XV, Fidelity, Invesco, Temasek, PayPal, and Alpha Wave, his valuation exceeds $5 billion.
The company is one of the few Indian startups that have recently moved their headquarters to India. Meesho, Zepto, Flipkart, Razorpay and Udaan are also evaluating similar moves. Fintech startups PhonePe and Groww have already moved their overseas holding companies to India.
The Pine Institute declined to comment.
Investors in Indian startups are aware that startups valued at less than $20 billion are highly unlikely to receive meaningful coverage from developed market analysts and have limited demand from institutional investors. As a result, companies are moving their headquarters to India.
“But everything is trading at high prices in India because the demand for tech companies is so high,” said the investor, who asked not to be identified. Entrepreneur Gokul Rajaram expressed similar views about Indian software companies.
The transfer is expected to help Pine Labs “achieve business synergies and further economies of scale,” the startup explained in a court filing. It will also help the company “achieve cost reductions” and “simplify its shareholding structure.”