Merchant payments company Pine Labs, which is preparing for an initial public offering (IPO), plans to name Sameer Kamath as its new chief financial officer. Kamath is presently the chief financial officer (CFO) of the Mumbai-based investment firm Avendus Capital. He is expected to join the digital payments firm shortly.

Kamath has dedicated more than twenty years to the financial services sector. Before joining Avendus, Kamath served as the group CFO at the Mumbai-based brokerage firm Motilal Oswal.

Kamath’s appointment follows the departure of Marc Mathenz, the CFO based in Singapore, who stepped down in June, right before the company submitted its draft prospectus to the stock market regulator, Securities and Exchange Board of India (Sebi).

Pine Labs required an Indian CFO after the company switched its parent entity from Singapore to India.

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Kamath's selection occurs as Shalini Saxena is poised to rejoin the Gurugram-based company in the role of general counsel. Bar and Bench was the initial source to announce this event.

Saxena served as the general counsel, or chief legal officer, at Pine Labs from 2019 to 2022, after which she transitioned to the crypto exchange startup CoinDCX as its legal head. She is now poised to rejoin Pine Labs.

At Pine Labs, key personnel include Kush Mehra, chief business officer; Sumit Chopra, chief operating officer; and Navin Chandani, chief business officer for the issuing business, with former PayU executive Amrish Rau serving as the chief executive officer.

 

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The company submitted its DRHP on June 27, aiming to generate Rs 2,600 crore via a new share issuance and an offer-for-sale (OFS) of as much as 147.8 million shares. The firm aims for a valuation between $4.5 billion and $5 billion via the public offering. It includes Peak XV Partners, Mastercard, PayPal, and Actis as key shareholders.