Pine Labs is in advanced talks to close a funding round of around $75 million from existing investors including Temasek and PayPal.
The Central Board of Direct Taxes (CBDT) is expected to extend angel tax exemption to companies with paid-up capital and share premium of up to ₹25 crore.
The new service called ‘Swiggy Stores’, which will be accessible on its mobile app.
The interest from the PE firms comes at a time when PhonePe is looking at a valuation of $10 billion.
The acqui-hire comes just a few months after Swiggy closed its $1 billion round, led by Naspers and joined by China’s Tencent.
As part of the same round, Ola recently received $74 million from existing backer Steadview Capital.
Ola has regained its number two ranking in the pecking order of India’s most valuable startups.
Driven by their common investor Matrix Partners, the deal is expected to close by the end of this month.
The guidelines that will come to effect from February are stricter in nature, causing companies such as Amazon India and Flipkart to go back to the drawing board.
It is the first in a series of programmes that is expected to yield its former and current employees a total of $150-200 million over the next two to three years.