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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.

Meesho gets NCLT nod to relocate base to India

EntrackrEntrackr · 1m ago
Meesho gets NCLT nod to relocate base to India
Medial

Meesho gets NCLT nod to relocate base to India The National Company Law Tribunal (NCLT) has approved Meesho’s move to shift its headquarters back to India from Delaware in the US, taking it a step closer to its initial public offering (IPO). This allows Meesho to separate from its US entity and merge back with its Indian company, completing its move back to India. A Moneycontrol report also added that Meesho is likely to pay $288 million in taxes for the reverse flip. Confirming the development to Entrackr, a Meesho spokesperson said, “This filing is part of our ongoing transition to re-domicile in India. With the majority of our operations, including customers, sellers, creators and Valmo partners already based here, this step aligns our corporate structure with our day-to-day business footprint.” However, the spokesperson did not comment on the tax amount paid by the company. Media reports suggest that Meesho has also shortlisted Morgan Stanley, Kotak Mahindra Capital, JP Morgan, and Citi as its bankers and is likely to launch its IPO by the end of this year. Last week, the homegrown e-commerce platform also transitioned into a public entity from a private one ahead of its $1 billion IPO. Meesho adds to the growing number of Indian startups such as Razorpay, PhonePe, Groww, Pine Labs, and Zepto that have paid hefty taxes to relocate their base back home after originally being incorporated overseas. While Zepto and Dream11 did not disclose the amount of tax paid for the reverse flip, Razorpay paid $150 million, PhonePe and Groww paid Rs 8,000 crore ($1 billion then) and Rs 1,340 crore ($157 million) in taxes, respectively, to complete the process. Meesho’s rival Flipkart, with an estimated valuation of $36 billion, is also working on relocating its domicile from Singapore to India.

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.

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 India posts Rs 1,384 Cr revenue in FY24; losses jump 3X

EntrackrEntrackr · 9m ago
Pine Labs India posts Rs 1,384 Cr revenue in FY24; losses jump 3X
Medial

The Indian unit of merchant commerce and payments platform Pine Labs has reported flat revenue in the fiscal year ending March 2024. However, the Delhi-based firm’s losses swelled 3X in this period. Pine Labs’s operating revenue increased modestly by 2.8% to Rs 1,317 crore in FY24 from Rs 1,281 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Caveat: Pine Labs is registered in Singapore and has not yet submitted its FY24 results there. Based on the previous fiscal year’s report, the parent entity is expected to post approximately Rs 400 crore more or over Rs 1,700 crore in operating revenue in the last fiscal year. As for the revenue channels of Pine Labs’ Indian entity, income from transaction processing and settlement was the main contributor, accounting for 61% of total operating revenue, which rose a modest 1.5% to Rs 805 crore in FY24. Income from digitization and services provided at petroleum outlets amounted to Rs 67 crore during the same period. Pine Labs also offers gifting solutions through Qwikcilver, Pine Perks, and Google Wallet. Income from this segment declined by 44.5% to Rs 111 crore in FY24. Revenue from device sales, plastic cards, and other miscellaneous sources brought the total revenue to Rs 1,384 crore during the last fiscal year, compared to Rs 1,328 crore in FY23. In terms of cost breakdown, Pine Labs allocated 38.5% of its total expenditure to employee benefits, which grew by 3% to Rs 625 crore in FY24, including Rs 58 crore in non-cash ESOP expenses. Legal and professional fees were the next largest expense category. Other significant costs included materials, travel, advertising, e-commerce site listings, database communication, and repairs, bringing total expenditures up by 15.8% to Rs 1,624 crore in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 14.91% 10.55% Expense/₹ of Op Revenue ₹1.09 ₹1.23 ROCE -1.65% -7.87% The modest growth in scale, combined with a nearly 16% rise in expenditure, led Pine Labs to report a more than threefold increase in losses, reaching Rs 187 crore in FY24 compared to Rs 56 crore in FY23. Its ROCE and EBITDA margin stood at -7.87% and 10.55%, respectively. On a per-unit basis, Pine Labs spent Rs 1.23 to earn a rupee in FY24. Pine Labs recently received approval from a Singapore court to relocate its domicile to India. It also obtained initial approval from the National Company Law Tribunal to merge its entities in India and Singapore. Pine Labs has been pursuing an initial public offering (IPO) for several years. Last year, the company appointed bankers for a U.S. IPO, but the attempt did not materialize. While the firm has not yet confirmed a listing timeline, it is likely to debut on one of the Indian stock exchanges sometime in the next fiscal year (FY26).

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