Pine Labs Received Approval From Singapore’s Court to Move Its Domicile to India 

We are discussing Pine Labs Received Approval From Singapore’s Court to Move Its Domicile to India:

Pine Labs, a Singapore-based fintech startup, has secured approval from the Singapore court to move its domicile to India. According to the agreement, the startup’s whole undertaking, including assets and liabilities, needs to be transferred and merged with its Indian company. After this procedure, all shareholders of the Singapore entity will become shareholders of Pine Labs (PLI), and every pending legal proceeding will then be continued as PLI.  

According to a report by TechCrunch, the filing mentioned that the National Company Law Tribunal order filed with the Register of Companies, the Singapore entity shall be dissolved without any undergoing operations under it. Pine Labs is now the third fintech company to move its domicile in  India from overseas after Phonepe and Groww. Many other fintech startups are in different stages of moving domicile to India, including KreditBee, Razorpay, Zepto, and Meesho. The approval of the Singapore court made Pine Labs the third Indian-originated startup to shift its domicile back to India. 

Pine Labs is a leading merchant platform that provides merchants with various services, including cloud-connected point-of-sale machines, credits, gifting, and various products. The valuation of a company plays an important role in deciding the tax liabilities one needs to pay while shifting the domicile. Last year, the US-based investment company Baron Funds valuated Pine Labs’ worth to be  

$5.8 million, while another investment firm, Invesco, reported a $4.8 billion valuation. The startup has been trying for an Initial public offering for the past few years but has not yet succeeded in securing it.  

The reverse flip requires a healthy amount of tax liabilities to be paid. Phonepe’s investors paid Rs  8,000 crore in taxes to complete the procedure of shifting domicile to India. The Peak XV partners are backing up this fintech startup, which is also looking for an IPO in India after shifting from Singapore. Even though Pine Labs has received approval to move domicile, it’s still awaiting India’s court approval for the National Company Law tribunal. 

Conclusion

Pine Labs, a Singapore-based fintech startup, has secured approval from the Singapore court to move its domicile to India. According to the agreement, the startup’s whole undertaking, including assets and liabilities, must be transferred and merged with its Indian company. The approval of the Singapore court made Pine Labs the third Indian-originated startup to shift its domicile back to India. The reverse flip requires a healthy amount of tax liabilities to be paid.

Last year, the US-based investment company Baron Funds valuated Pine Labs’ worth to be $5.8 million, while another investment firm, Invesco, reported a $4.8 billion valuation. The startup has been trying for an Initial public offering for the past few years but has not yet succeeded in securing it. The Peak XV partners are backing up this fintech startup; the startup is also looking for an IPO in India after shifting from  Singapore. Pine Labs is now the third fintech company to move its domicile in India from overseas after  Phonepe and Groww.

saraseej T

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