Pine Labs has received approval from a Singapore court to merge its local entity with its Indian unit, and transfer all its assets and properties, effectively permitting the firm to shift its operations to India.
Pine Labs has become the third fintech company after PhonePe and Groww which relocated its domicile to India from overseas. Currently, a clutch of fintech firms including KreditBee, Razorpay, Meesho, and Zepto have been working on shifting their ultimate holding entities to India. Most recently, Flipkart was in the headlines for shifting its base to India from Singapore.
The transfer is expected to help Pine Labs “achieve business synergies and more economies of scale,” the startup explained in its court filing. It will also help the firm “achieve cost savings” and “simplification of the shareholding structure.”
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