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Pine Labs converts into public, appoints independent directors

EntrackrEntrackr · 10m ago
Pine Labs converts into public, appoints independent directors
Medial

Pine Labs, a merchant commerce and payments platform, is set to debut on the Indian stock exchange, with its Indian entity recently converted into a public company — a key step toward its planned IPO. This conversion comes just weeks after the company received final approval from the National Company Law Tribunal to shift its domicile from Singapore to India. The board at Pine Labs has passed a resolution for approval to change its status to a public company and rename it from “Pine Labs Private Limited” to “Pine Labs Limited” as per its regulatory filing. The fintech unicorn also appointed three independent directors in compliance with the Companies Act, ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India. Pine Labs has appointed Amrita Gangotra, Smita Chandramani Kumar, and Maninder Singh Juneja as independent directors, as per the filing. Gangotra, with over 35 years of experience in tech and business leadership, also serves on the boards of companies including Triveni Turbine, Max Healthcare, and ABB India. Kumar, a former RBI official with over three decades of experience, and Juneja, who has held senior roles at ICICI Bank, TransUnion CIBIL, and Niva Bupa, also sit on multiple boards. Last month, Pine Labs promoted its Chief Executive Officer (CEO), Amrish Rau, from the role of Additional Director to Managing Director and Chairman. Entrackr exclusively reported the development. The payments firm is eyeing to launch an IPO in the second half of 2025. As per media reports, it’s eyeing a $1 billion public issue and would comprise of issue of fresh equity shares and an offer for sale (OFS). Pine Labs also roped in Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies as bankers. Pine Labs is a merchant commerce platform that offers POS (point of sale) services which let merchants accept plastic cards and QR-based payments in their stores. It also offers Buy Now Pay Later (BNPL), invoice management, and gifting solutions to merchants. According to startup data intelligence platform TheKredible, Pine Labs has raised nearly $1.3 billion in funding to date from investors including Peak XV Partners, Temasek, PayPal, Mastercard, and others. The company currently holds a valuation of $5 billion.

Slice appoints former SBI executive Sreedevi Pillai to bank board

EntrackrEntrackr · 5d ago
Slice appoints former SBI executive Sreedevi Pillai to bank board
Medial

Slice appoints former SBI executive Sreedevi Pillai to bank board Fintech company Slice has appointed Sreedevi Pillai, former Chief General Manager Risk Management at State Bank of India (SBI), as an Independent Director Non Executive to its Bank Board. Pillai brings 36 years of banking leadership experience, most of it at SBI, where she oversaw operational risk management, fraud prevention and monitoring, and enterprise and group risk management across the bank and its group entities. During her tenure, she led the development of fraud detection frameworks that helped SBI become one of the first large commercial banks in India to deploy such capabilities at scale. According to Slice, her appointment comes as the company strengthens its institutional governance and risk framework in line with its long term growth plans. "The bank’s commitment to building a transparent, digitally driven and inclusive banking platform aligns strongly with the evolving landscape of responsible finance in India. I look forward to working closely with Rajan, the leadership team and the Board to contribute to robust governance, prudent risk management and sustainable growth," said Sreedevi Pillai, Independent Director at Slice. Last month, Slice appointed its founder Rajan Bajaj as Managing Director and Chief Executive Officer. Bajaj previously served as Executive Director of the company. Rajan Bajaj founded Slice in 2016 and led the company from a consumer fintech startup to a regulated bank following its merger with North East Small Finance Bank in 2024. The company says it has served more than 20 million registered users, employs over 3,000 people and has raised more than $250 million from investors including Tiger Global, Insight Partners and Advent International.

Ola Electric appoints new compliance officer

EntrackrEntrackr · 1y ago
Ola Electric appoints new compliance officer
Medial

Ola Electric appoints new compliance officer Bengaluru-based Ola Electric Mobility Limited announced the appointment of Pritam Das Mohapatra as the new company secretary and compliance officer. The board of directors approved the decision during their meeting on December 30, 2024, with the appointment taking effect immediately. The appointment follows the resignation of Pramendra Tomar two months ago, who stepped down as the company's secretary and compliance officer due to personal reasons and commitments. Mohapatra brings over 14 years of experience in corporate laws, compliance, fundraising, IPO listings, and corporate governance. He is an associate member of the Institute of Company Secretaries of India. His previous experience includes roles at Merabo Labs Private Limited, ANI Technologies Private Limited, Ola Fleet Technologies Private Limited, and Zuari Infraworld India Limited. In his new role, Mohapatra will be responsible for overseeing the company’s regulatory compliance and governance framework, ensuring adherence to SEBI regulations and corporate governance standards. Last week, Ola Electric announced the resignation of two senior management personnel – Anshul Khandelwal, Chief Marketing Officer, and Suvonil Chatterjee, Chief Technology and Product Officer – with immediate effect.

Exclusive: Pine Labs elevates CEO Amrish Rau to MD and Chairman

EntrackrEntrackr · 10m ago
Exclusive: Pine Labs elevates CEO Amrish Rau to MD and Chairman
Medial

Exclusive: Pine Labs elevates CEO Amrish Rau to MD and Chairman Pine Labs, a merchant commerce and payments platform, has promoted its Chief Executive Officer (CEO), Amrish Rau, from the role of Additional Director to Managing Director and Chairman. His elevation comes as the company prepares for its Initial Public Offering. Importantly, Rau continues to be the CEO of the Peak XV-backed firm. The board of Pine Labs has passed a resolution appointing Amrish Rau as the Managing Director and Chairman of the company for a five-year term, effective March 24, 2025, according to its filing with the Registrar of Companies (RoC). Rau joined Pine Labs as its CEO in March 2020. Prior to this, he was chief executive of Prosus-backed PayU India. Pine Labs recently received final approval from the National Company Law Tribunal (NCLT) to reverse flip its Singapore-based entity back to India. With this move, the fintech unicorn joined other Indian unicorn companies such as PhonePe, Groww, Zepto, and Dream11, which also relocated their headquarters back to India recently. The payments firm is eyeing to launch an IPO in the second half of 2025. As per media reports, the company is eyeing a $1 billion public issue and would comprise of issue of fresh equity shares and an offer for sale (OFS). Pine Labs is a merchant commerce platform that offers POS (point of sale) services which let merchants accept plastic cards and QR-based payments in their stores. It also offers Buy Now Pay Later (BNPL), invoice management, and gifting solutions. According to data intelligence startup TheKredible, Pine Labs has raised nearly $1.3 billion in funding to date from investors including Peak XV Partners, Temasek, PayPal, Mastercard, and others. The company currently holds a valuation of $5 billion. While Pine Labs is in the final stages of relocating its domicile from overseas back to India, a number of other startups—including Razorpay, Meesho, KreditBee, Udaan, Livspace, and several others—are also actively working on shifting their domiciles to India.

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