The Competition Commission of India (CCI) has approved the acquisition of certain shares in Krazybee Services Limited and Finnovation Tech Solutions Private Limited by Mars Equity Dragon Fund VCC.

The proposed combination involves acquisition of certain shares in Krazybee Services Limited (Krazybee) and Finnovation Tech Solutions Private Limited (Finnovation) by Mars Equity Dragon Fund VCC (Acquirer/Dragon Fund).

The Acquirer is an investment fund wholly managed by Mars Equity M.C. Pte. Ltd., a holder of a Capital Markets Services Licence in Singapore. Mars Equity M.C. Pte. Ltd. is a wholly owned subsidiary of MUFG Bank, Ltd., which in turn is a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc.

Krazybee is a non-deposit taking Non-Banking Financial Institution registered with the Reserve Bank of India. It is classified as middle layer Investment and Credit Company. It offers the following products and services: (i) unsecured personal loans; (ii) unsecured business loans; (iii) loan against property; (iv) two-wheeler loan and (v) cross-selling products like insurance and credit score report.

Finnovation is the technology company which owns and operates the KreditBee app, through which customers can avail loans and access payment services like Unified Payments Interface (UPI). Finnovation acts as a technology provider and sourcing partner for Krazybee and other co-lending partners.

Detailed order of the Commission will follow.

Competition Commission approval for share acquisition in Krazybee Services and Finnovation Tech Solutions by Mars Equity Dragon Fund VCC. The Competition Commission of India approved the acquisition of certain shares in Krazybee Services Limited and Finnovation Tech Solutions Private Limited by Mars Equity Dragon Fund VCC. The proposed combination concerns Krazybee, a non-deposit taking non-banking financial institution and middle layer Investment and Credit Company, and Finnovation, the technology company that operates the KreditBee app and provides loan sourcing and payment-service access, including Unified Payments Interface facilities.