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

According to a report by TechCrunch, the filing mentioned that the National Company Law Tribunal  order filed with the Registar 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 a variety of services including cloud-connected point-of-sale machines, credits, gifting, and various products. The valuation of an 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 this whole procedure of shifting domicile to India. The Peak XV  partners are backing up this fintech startup, the startup 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 waiting for  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. The startup’s whole undertaking including assets and liabilities needs to be  transferred and merged with its Indian company according to the agreement. 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.