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.

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.”