Pine Labs' chief revenue officer quits: source
25 Sep 2024, 12:33 PMNavnit Nakra – who previously served as OnePlus India CEO – joined the Noida-based payments company last year.
Arti Singh
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Pine Labs’ chief revenue officer, Navnit Nakra, has resigned from the company, a source familiar with the development told The Head and Tale.
While the reason for his departure is not known yet, Nakra
is “currently on garden leave,” the source informed.
An email sent to Pine Labs regarding the development did not
elicit a response. Additionally, Nakra did not reply to a query sent to him via
LinkedIn.
Nakra – who previously served as OnePlus India CEO – joined
the Noida-based payments company last year. He was responsible for “developing
and executing growth strategies, new business generation, streamlining
processes to attain efficiencies and maximizing revenue streams for the payments
business in India,” Pine Labs stated at the time of his appointment.
As per un-audited consolidated financial statements, Pine Labs’ revenue from operations during FY24 stood at Rs 1743 crore, as compared to Rs 1588 crore reported in FY23. Also, the losses for the period, ended March 31, 2024, widened to Rs 339 crore from Rs 227 crore reported during the previous year.
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Pine Labs is currently in the process of shifting its domicile
from Singapore to India. Last month, it secured initial approval from the
National Company Law Tribunal (NCLT) to merge its Singapore-based parent entity
with the India unit.
In May, the company received the approval from a Singapore
court to shift its operations to India. As part of the flip, Pine Labs
Singapore will shift to Pine Labs India.
Following the
NCLT’s first set of approval, the point-of-sale company has to seek approvals
from government and regulatory bodies.
Pine Labs is one
of the several major fintechs, including Razorpay and Groww, looking to shift
its domicile to India ahead of listing plans.
According to a Bloomberg report, Pine Labs is “considering
raising about $1 billion in an initial public offering in India, and may seek a
valuation of more than $6 billion.”
The author is Founder and Editor of The Head and Tale. She can be reached at
[email protected]
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