The Competition Commission of India (CCI) has approved the acquisition of certain shareholding of Shadowfax Technologies Private Limited by NewQuest Asia Fund IV (Singapore) Pte. Ltd.

The proposed combination relates to the acquisition of certain shareholding in Shadowfax Technologies Private Limited (SFX/ Target) by NewQuest Asia Fund IV (Singapore) Pte. Ltd (TPG NQ/ Acquirer) from Eight Roads Investments Mauritius II Limited (Eight Roads) and certain other shareholders of SFX.

TPG NQ is part of a closed private equity fund, managed by TPG NewQuest (formerly known as NewQuest Capital Partners). TPG NQ is a part of the TPG group. TPG, Inc. (TPG), is the ultimate holding company of the TPG group. TPG NewQuest manages a diversified portfolio of private equity investments across the Asia-Pacific Region.

The Target is a crowdsourced, tech-enabled logistics platform providing hyperlocal delivery services and third-party logistics services, specifically to e-commerce platforms in India.

Detailed order of the CCI will follow.

Merger control approval for private equity acquisition of shareholding in a crowdsourced logistics platform, detailed order to follow. The Competition Commission of India approved the acquisition of certain shareholding in Shadowfax Technologies Private Limited by NewQuest Asia Fund IV (Singapore) Pte. Ltd., involving purchase of equity from Eight Roads and other shareholders by a private equity fund managed within the TPG group; Shadowfax operates a crowdsourced, tech enabled logistics platform offering hyperlocal delivery and third party logistics services to e commerce platforms in India, and a detailed CCI order will follow.