On April 01 2025, the Competition Commission of India (CCI) has approved the following proposals:
i.Approved the proposal of 360 ONE and Claypond Capital Partners Private Limited (Claypond Capital) to jointly acquire certain stakes in digital healthcare platform API Holdings Limited.
ii.Approved the acquisition of additional voting rights by certain shareholders of Billionbrains Garage Ventures Private Limited (Groww).
CCI Approved Joint Acquisition of Certain CCPS B of API Holdings by 360 ONE & Claypond Capital
The CCI has approved the proposal of wealth management entity, 360 ONE and Bengaluru (Karnataka)-based Claypond Capital Partners Private Limited (Claypond Capital) to jointly acquire certain stakes in digital healthcare platform of Mumbai (Maharashtra)-based API Holdings Limited, which offers healthcare services through its subsidiaries such as Aknamed, Pharmeasy, Docon, Thyrocare, and Retailio.
- As per the proposed transaction, both 360 ONE and Claypond Capital, which offers consulting and advisory services to customers in India, will jointly acquire certain Class B compulsorily convertible preference shares (CCPS B) of API Holdings from its existing shareholder, MEMG Family Office LLP (MEMG LLP).
- The CCI has also cleared Claypond Capital Partners’ proposal to acquire certain CCPS B of API Holdings from MEMG LLP.
Point to Note:
i.360 ONE Large Value Fund (LVF) is registered with Securities and Exchange Board of India (SEBI) as a Category-II Alternative Investment Fund (AIF), which makes investments in India and worldwide.
ii.It is a scheme of 360 ONE Private Equity Fund (Fund) which acts through its investment manager, 360 ONE Alternates Asset Management Limited (AAML).
- All the entities i.e. 360 ONE LVF, Fund and AMML are collectively referred as 360 ONE.
CCI Approved Groww’s Proposal to Issue Bonushares, Founder Relinquish Extra Voting Rights
The CCI has approved the acquisition of additional voting rights by certain shareholders of Bengaluru (Karnataka)-based Billionbrains Garage Ventures Private Limited (Groww’s parent company).
Key Points:
i.The proposed combination includes: the collapse of the differential voting rights held by the founders of Groww.
ii.Also, Groww will issue the bonus compulsorily convertible shares to all its existing shareholders namely,
- Peak XV Partners Investments VI-1, an investment fund of Peak XV Partners which primarily invests in startups in India and South East Asia Region (SEAR);
- Ribbit Capital V L.P., Ribbit Cayman GW Holdings V Ltd., and GW-E Ribbit Opportunity V, LLC (collectively referred as Ribbit), a global investment organisation that in early-stage companies;
- YCCG21, L.P., and YC Holdings II, LLC (collectively, YC) is an American startup accelerator and early-stage venture investor;
- Internet Fund VI Pte. Ltd. (Tiger Global), an investment holding company based in New York, the United States of America (USA), which is held by funds and managed by Tiger Global Management, LLC;
- ICONIQ Strategic Partners VI, L.P. and ICONIQ Strategic Partners VI-B, L.P. (collectively referred to as ICONIQ) are private equity funds managed by San Francisco (California, USA)-based ICONIQ Strategic Management, LLC.
About Competition Commission of India(CCI):
It is a statutory body constituted under Competition Act, 2002.
Chairman- Ravneet Kaur
Headquarters- New Delhi, Delhi
Established- 2003
