Pine Labs and Udaan are the latest to plan shifting their holding companies to India with an eye on the long term. They join several other well-funded and highly valued startups that are moving their overseas holding companies to India — or ‘reverse flipping’ ahead of listings.
Payments firm Pine Labs, which is based in Singapore, plans to seek board approval this quarter to move its parent company to India, according to people in the know.
Startups are moving their overseas holding entities to India ahead of their forthcoming public listings, especially in the fintech sector which is governed by the countrys central bank regulations.
Pine Labs and Udaan are the latest to plan shifting their holding companies to India with an eye on the long term. They join several other well-funded and highly valued startups that are moving their overseas holding companies to India — or ‘reverse flipping ahead of listings.
Meesho Fy23: For the first half of FY24 ended September 30, 2023, Meesho said its operating revenue increased 37% year-on-year to Rs 3,521 crore, with a 90% reduction in loss to Rs 141 crore.