Pine Labs gets NCLT nod to reverse flip Singapore entity

Digital payments firm Pine Labs has secured the nod from the National Company Law Tribunal ( NCLT) to merge its Singapore entity with its India entity, thereby reverse flipping its parent entity back to India.

Pine Labs becomes the second major fintech company after Groww to reverse flip its parent entity to India in recent times. Another fintech firm, Razorpay, is currently in the process of reverse flipping its holding entity to India from the United States.

In an order issued on April 9, the Chandigarh-bench of the NCLT said that Pine Labs has taken approvals from all statutory and regulatory bodies, following which the merger of the two entities has been given a green light.

The order said Pine Labs will need to seek the necessary approvals from Singapore to enforce the merger.

All necessary approvals have already been secured by the company, said people in the know.

After the reverse flip, Pine Labs will start the procedure to list on the Indian stock exchanges in the second half of this year. The company’s CEO, Amrish Rau, had told Reuters last month that Pine Labs will remain focused on its billion dollar initial public offering plans despite unpredictable market conditions.

The Peak XV Partners-backed digital payments firm was last valued at $5 billion when it had raised $50 million in equity funding in 2022 from private equity firm Vitruvian Partners. Pine Labs, founded in 1998, had been mainly focused on offline payments via point of sales terminals, but has now ventured into other businesses like online payments as well.