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Pine Labs converts into public, appoints independent directors

EntrackrEntrackr · 5m 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.

Ahead of IPO, PayU receives final Payment Aggregator license

EntrackrEntrackr · 6m ago
Ahead of IPO, PayU receives final Payment Aggregator license
Medial

Ahead of IPO, PayU receives final Payment Aggregator license PayU has received final authorization from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator. This allows the fintech firm to onboard new merchants onto its platform. In April 2024, PayU received in-principle approval from the RBI to operate as a payment aggregator. “As we move forward, we remain dedicated to building a resilient, compliant, inclusive, and innovation-driven institution—one that serves merchants of all sizes and contributes meaningfully to the Digital India vision of the RBI and the Government,” said a PayU spokesperson. The development comes at a time when PayU is planning for its IPO, eyeing a public listing during the second half of 2025. The company also appointed Pramod Rao as its Chief Risk Officer, who will oversee risk management, regulatory compliance, and strengthen the organization’s financial and operational risk framework. PayU has acquired a 43.5% stake in real-time payments technology firm Mindgate Solutions, enhancing its footprint in India’s real-time payments space and leveraging Mindgate’s expertise to drive digital payment innovation globally. Several other startups have secured authorization from the RBI as payment aggregators. MobiKwik’s subsidiary Zaakpay and PB Fintech’s subsidiary PB Pay received in-principle approval, and BharatPe’s Resilient Payments was granted final approval. Earlier this year, cross-border payments company Skydo received in-principle authorization from the RBI to operate as a Payment Aggregator-Cross Border (PA-CB) entity.

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