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CCI approves merger of a financial technology company, Garagepreneurs Internet Private Limited with the North East Small Finance Bank

CCI approves merger of a financial technology company, Garagepreneurs Internet Private Limited with the North East Small Finance Bank

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The Competition Commission of India (CCI) has approved the merger of a financial technology company, Garagepreneurs Internet Private Limited with the North East Small Finance Bank.

 

The proposed transaction comprises the merger of a financial technology company, Garagepreneurs Internet Private Limited (GIPL) (including Quadrillion Finance Private Limited (QFPL) (an NBFC-SI-ICC) and Intergalactory Foundry Private Limited (IFPL) with North-East Small Finance Bank Limited (NESFB) (including RGVN (North-East) Microfinance Limited (RGVN)), pursuant to the composite scheme of amalgamation to be filed before the jurisdictional National Company Law Tribunal and certain related transactions.

 

GIPL operates under the brand name “slice” and focuses on facilitating payments and credit products through digital means in India. GIPL primarily focuses on enabling access to financial services for underbanked customers through affordable and transparent cost solutions and structures.

 

NESFB is a private sector small finance bank (SFB). It is headquartered in Guwahati, Assam and has branches in the North Eastern states (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim), and West Bengal.

Detailed order of the CCI will follow

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