Pine Labs Converts into public, Strengthens Board with New Independent Directors

Pine Labs, one of India’s biggest fintech firms, has moved a step closer to going public by changing its Indian entity from a private to a public company. This follows approval from the NCLT to shift its registered office from Singapore to India. 

After getting the go-ahead, the board approved renaming the company from “Pine Labs Private Limited” to “Pine Labs Limited,” as a step toward filing for an IPO in India.

As part of this transition, Pine Labs also appointed three independent directors to its board, as required for public companies to improve governance.

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Pine Labs has appointed Amrita Gangotra, Smita Chandramani Kumar, and Maninder Singh Juneja as independent directors, according to a filing.

Gangotra brings over 35 years of experience in tech and business leadership and is also on the boards of Triveni Turbine, Max Healthcare, and ABB India. Kumar, a former RBI official with more than 30 years of experience, and Juneja, who has held top roles at ICICI Bank, TransUnion CIBIL, and Niva Bupa, also serve on several company boards.

Last month, Pine Labs promoted its CEO, Amrish Rau, to Managing Director and Chairman of the company.

The company is planning to go public in the second half of 2025, aiming for a $1 billion IPO. The offering will include both new shares and an offer for sale. Pine Labs has brought on Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies as its IPO bankers.

Pine Labs has followed other fintech giants like Razorpay and PhonePe by becoming a public company ahead of its planned IPO.

This change happened just days after the company received final approval from the National Company Law Tribunal (NCLT) to merge its India and Singapore entities, completing its reverse flip back to India.

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