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 the investment fund acquiring shares in both companies, with the acquirer being 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 Services Limited is a non-deposit taking Non-Banking Financial Institution registered with the Reserve Bank of India, classified as a middle layer Investment and Credit Company. The company offers unsecured personal loans, unsecured business loans, loan against property, two-wheeler loans, and cross-selling products including insurance and credit score reports.
Finnovation Tech Solutions Private Limited is the technology company that 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. The Commission noted that a detailed order will follow this approval announcement.