New Delhi, May 20 (IANS) Leading merchant commerce platform Pine Labs has received approval from a Singapore court to amalgamate its local entity with its Indian unit and transfer all its assets and properties, effectively allowing the company to move its operations to India.
The company disclosed the court order in a recent regulatory filing, reports TechCrunch.
Pine Labs provides a variety of products and services to merchants, including cloud-connected point-of-sale machines and working capital. The company is backed by Peak XV, Fidelity, Invesco, Temasek, PayPal, and Alpha Wave, and is valued at over $5 billion.
In the court filing, the startup mentioned that the transfer is expected to help Pine Labs “achieve business synergies and more economies of scale.”
It will also help the company “achieve cost savings” and “simplification of the shareholding structure”, the report mentioned.
Pine Labs has become the third fintech company, after PhonePe and Groww, to relocate its domicile to India from overseas. Currently, several fintech firms, including KreditBee, Razorpay, Meesho, and Zepto, are working on shifting their ultimate holding entities to India.
Most recently, Flipkart made headlines for shifting its base to India from Singapore.
–IANS
shs/dan
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
