Merchant commerce startup Pine Labs has received the go-ahead from a Singapore court to merge its local and Indian arm.
The fintech company will combine its entities in both countries, effectively transferring all assets and operations to India.
This transition is expected to bring many benefits pine labThis includes business synergies, economies of scale, cost savings and a streamlined shareholding structure, according to the startup’s court filing obtained by . tech crunch.
Pine Labs offers a suite of services including cloud-connected POS machines and working capital solutions.
The company is valued at over US$5 billion and its investors include Peak XV, Fidelity, Invesco, Temasek, PayPal, Alpha Wave and more.
The startup joins the growing list of Indian startups relocating to India.
Meesho, Zepto, Flipkart, Razorpay and Udaan are also considering similar moves, while fintech companies PhonePe and Groww have already completed the migration.
An anonymous investor in the Indian startup ecosystem said companies are relocating to India due to the limited scope and demand they face in developed markets unless their valuation exceeds USD 20 billion. It pointed out.
In contrast, Indian tech companies are in high demand and often trade at a premium.
