Pine Labs wins Singapore Court's approval to move the base to India
Leading Merchant business & installments platform Pine Labs has gotten approval from a Singapore court to combine its local element, Pine Labs Limited (PLS) with its Indian organization, Pine Labs Private Limited (PLI).
According to PLS’s regulatory filing in Singapore, PLS’s entire undertaking, including all assets and liabilities, shall be transferred to PLI and vest in PLI in accordance with the amalgamation agreement.
After the arrangement, Pine Labs Private Limited (PLI) will continue any pending legal proceedings against PLS & all PLS shareholders will become PLI shareholders.
In addition, the filing states that the Singapore entity will be dissolved without going through the winding up process in accordance with the NCLT order filed with the Registrar of Companies.
Pine Labs offers gifting, credit, cloud-connected point of sale machines, and a wide range of other products and services to businesses.
Pine Labs has turned into the third fintech organization after PhonePe and Groww which migrated its domicile to India from abroad. At present, a grip of fintech firms including KreditBee, Razorpay, Meesho, and Zepto have been dealing with moving their definitive holding elements to India.
Flipkart recently made news for moving its headquarters from Singapore to India. Pine Labs was valued at $5.8 billion and $4.8 billion, respectively, by US investment firms Baron Funds and Invesco in April. It’s quite important that the valuation assumes an essential part in choosing the quantum of duty liabilities for moving the house. For the past few years, Pine Labs has been pursuing initial public offerings.
