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

EntrackrEntrackr · 3m 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.

Pine Labs converts into public, appoints independent directors

EntrackrEntrackr · 2m 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.

Pine Labs receives Singapore Court nod to shift base to India

EntrackrEntrackr · 1y ago
Pine Labs receives Singapore Court nod to shift base to India
Medial

Merchant commerce and payments platform Pine Labs has received approval from Singapore Court to amalgamate its Singapore entity, Pine Labs Limited (PLS) with its Indian company, Pine Labs Private Limited (PLI). PSL’s whole undertaking including all assets and liabilities shall be transferred and vested in PLI according to the amalgamation agreement, according to PLS’s regulatory filing in Singapore. All the shareholders of PLS (Singapore entity) will become Pine Labs Private Limited (PLI) shareholders and any pending legal proceedings against PSL shall be continued by PLI after the arrangement. The filing further states that following the National Company Law Tribunal (NCLT) order filed with the Registrar of Companies, the Singapore entity shall be dissolved without undergoing winding up. TechCrunch reported the development first. Pine Labs provides merchants with a variety of products and services, including cloud-connected point-of-sale machines, gifting and credit. Pine Labs has become the third fintech company after PhonePe and Groww which relocated its domicile to India from overseas. Currently, a clutch of fintech firms including KreditBee, Razorpay, Meesho, and Zepto have been working on shifting their ultimate holding entities to India. Most recently, Flipkart was in the headlines for shifting its base to India from Singapore. In April, US-based investment firms Baron Funds and Invesco marked up the valuation of Pine Labs to $5.8 billion and $4.8 billion, respectively. It’s worth noting that the valuation plays a crucial role in deciding the quantum of tax liabilities for shifting the domicile. Pine Labs has been trying for initial public offerings for the past few years. Last year, it also finalized bankers for the IPO in the US but the attempt didn’t materialize. The firm has not disclosed the timeline of listing on the bourses. Of late, fintech companies have been laying emphasis to be headquartered in India as regulators’ job become easier as far as diligence and monitoring are concerned. However, the reverse flips require hefty tax liabilities. For context, PhonePe’s investors paid Rs 8,000 crore in taxes to complete the process.

Zepto completes reverse flip from Singapore to India

EntrackrEntrackr · 6m ago
Zepto completes reverse flip from Singapore to India
Medial

Zepto completes reverse flip from Singapore to India Quick commerce platform Zepto has completed its transition from being domiciled in Singapore to India, according to the company’s Chief Financial Officer (CFO), Ramesh Bafna. This shift, commonly referred to as a reverse flip, will enable the Mumbai-based company to relocate its headquarters to India and initiate the process for an initial public offering (IPO), which has been in the works for several months. The development comes weeks after Zepto secured approval from the National Company Law Tribunal (NCLT) for its reverse merger. According to media reports, Zepto aims to raise approximately $400-500 million through its IPO and has selected Goldman Sachs, Morgan Stanley, and Axis Capital as its bankers. “Historic scenes on completion of #IndiaFirst reverse merger from Singapore to India in the #FastestEver timeline. This is a display of understanding of technicals, working with right partners, getting into nuts and bolts on execution, unblocking natural causes of delay and tactical calls real time by an empowered team,” said Bafna in a Linkedin post. With this, Zepto has joined the likes of Groww and PhonePe which relocated their domicile to India from US and Singapore respectively. A bunch of fintech companies such as Flipkart, KreditBee, Pine Labs, Razorpay, Meesho have been working on reverse flips. Pine Labs already received a final nod from Singapore court to shift its base to India. However, Zepto did not disclose the amount of tax it paid for the reverse flip. For instance, PhonePe paid Rs 8,000 crore, while Groww paid Rs 1,340 crore in taxes to complete the process. The quantum of the tax depends on the company’s valuation and third-party audits. Zepto recently raised $350 million in a funding round led by Motilal Oswal Private Wealth at a valuation to $5 billion. In 2024, the company secured an additional $1.35 billion, bringing its total funding to $1.85 billion since its inception. For the fiscal year ending in March 2024, Zepto’s revenue from operations surged 2.2X to Rs 4,454 crore from Rs 2,026 crore in FY23. During the period, its losses decreased slightly by 2% to Rs 1,248.6 crore.

Baron and Invesco mark up Pine Labs’ valuation

EntrackrEntrackr · 1y ago
Baron and Invesco mark up Pine Labs’ valuation
Medial

US-based investment firms Baron Funds and Invesco have marked up the valuation of fintech unicorn Pine Labs. While Baron increased its valuation to $5.8 billion, Invesco marked the firm’s value up to $4.8 billion as of December 2023. Earlier, Baron Funds valued the firm at $5.3 billion in September last year whereas Invesco cut its valuation to $3.9 billion as of October 31. Invesco had last invested $100 million in Pine Labs in September 2021 while Baron Capital led a $285 million round in the fintech unicorn in May. ET reported the development first via regulatory filings with the US Securities and Exchange Commission. Pine Labs has been facing ups and downs in its fair valuation since last year. For the record, Fidelity marked up its stake value in July last year but later slashed its valuation to $3 billion from $4.7 billion as of October. Pine Labs’ revenue continued to climb in FY23 as its collection spiked 56% to Rs 1,588 crore. However, its losses still not tapering down and grew by 12% to Rs 227 crore. The firm is yet to file its FY24 numbers. Pine Labs has been trying to go public for the past few years as its backers including Peak XV Partners are eyeing an exit. Last year, it finalized bankers for an IPO in the US but the attempt didn’t materialize even though the firm’s chief executive Rau refuted the reports of delaying the public listing plan on NASDAQ. On the lines of other large fintechs such as Groww and Razorpay, Pine Labs is seeking to move its domicile to India which appears to have a better public market sentiment for tech companies. Besides Pine Labs, Swiggy, Meesho, FirstCry and Ola Electric also saw markups in their valuation in the last six months.

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