Pine Labs gets approval from Singapore court to relocate base to India

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2 min read Last Updated : May 21 2024 | 11:48 AM IST

Fintech firm Pine Labs has received approval from a Singapore court to relocate its base to India, merging its Singapore and Indian entities, according to a regulatory filing seen by TechCrunch. This significant move aims to streamline operations and reduce overhead costs.


“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,” the filing stated.


Pine Labs operates as a merchant commerce platform offering point-of-sale (POS) services, enabling merchants to accept plastic cards and QR-based payments in their stores. The company provides a suite of products and services including buy now pay later (BNPL) options, invoice management, gifting solutions, and e-commerce enablement.


Supported by investors like Temasek and Peak XV Partners, Pine Labs raised $150 million from Alpha Wave in 2022, valuing the company at approximately $5 billion. While Pine Labs initially planned an overseas IPO, it was postponed due to volatile market conditions.


Relocation of fintech firms to India


Pine Labs’ decision to shift domicile aligns with a broader trend among fintech firms like PhonePe and Groww, which have also moved their bases back to India. This shift is driven by rapid technology adoption among local consumers and expanding market opportunities.


Walmart-owned PhonePe relocated from Singapore to India in 2022, incurring Rs 8,000 crore in taxes to Indian authorities as part of the transition.


Groww’s founder and CEO, Lalit Keshre, announced earlier this month that the company completed its domicile transition from the US to India as of March 2024. Razorpay is similarly in the process of relocating from the US to India.


Other major players such as Meesho, Zepto, Flipkart, and Udaan are also evaluating similar relocations.


Pine Labs’ relocation to India is expected to enhance operational efficiency and resource allocation, capitalising on the robust growth in the Indian fintech market. This strategic shift underscores the growing trend of fintech firms recognising the vast opportunities within India’s burgeoning digital economy.


Pine Labs is yet to make any official announcement on relocation.

First Published: May 21 2024 | 11:48 AM IST