New Delhi, May 20: Leading merchant commerce platform Pine Labs has received approval from a Singapore court to amalgamate its local entity with its Indian unit and transfer all its assets and properties, effectively allowing the company to move its operations to India.

The company disclosed the court order in a recent regulatory filing, reports TechCrunch. Pine Labs provides a variety of products and services to merchants, including cloud-connected point-of-sale machines and working capital. The company is backed by Peak XV, Fidelity, Invesco, Temasek, PayPal, and Alpha Wave, and is valued at over $5 billion. Android 14 for TV: Google Introduces Android 14 for TVs With AI-Powered Features; Check Details.

In the court filing, the startup mentioned that the transfer is expected to help Pine Labs “achieve business synergies and more economies of scale.” It will also help the company “achieve cost savings” and “simplification of the shareholding structure”, the report mentioned. ChatGPT Scarlett Johansson Voice: OpenAI Reportedly Working To Pull ‘Sky’s Voice’ Due to It Sounding Similar to Hollywood Actress, Company Further Explains Its Voice Selection Process.

Pine Labs has become the third fintech company, after PhonePe and Groww, to relocate its domicile to India from overseas. Currently, several fintech firms, including KreditBee, Razorpay, Meesho, and Zepto, are working on shifting their ultimate holding entities to India. Most recently, Flipkart made headlines for shifting its base to India from Singapore.

(The above story first appeared on LatestLY on May 20, 2024 03:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).