Pine Labs gets Singapore court approval to move base to India

Pine Labs, an e-commerce startuphas received approval from a Singapore court to merge its local entity with its Indian unit and transfer all its assets and properties, effectively allowing the company to shift operations to India.

Pine Labs disclosed the court order in a recent regulatory filing seen by TechCrunch.

Pine Labs offers a range of products and services to retailers such as cloud-connected POS machines and working capital. It is backed by Peak XV, Fidelity, Invesco, Temasek, PayPal and Alpha Wave and is valued at more than $5 billion.

It is among a handful of Indian startups that have recently moved their headquarters to India. Meesho, Zepto, Flipkart, Razorpay and Udaan are also in the process of evaluating a similar move. Fintech startups PhonePe and Groww have they have already moved their overseas holding entities to India.

Pine Labs declined to comment.

An investor in Indian startups said companies are moving their headquarters to India because startups with valuations below $20 billion are unlikely to get significant coverage from analysts in developed markets, leading to limited demand from institutional investors.

«But everything is trading expensive in India because there is a lot of demand for technology companies,» said the investor, requesting anonymity to speak candidly. Entrepreneur Gokul Rajaram made a similar observation about software companies in india.

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 company «achieve cost savings» and «simplify the shareholding structure.»

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