360 ONE, Claypond Capital get CCI nod to acquire stakes in API Holdings

New Delhi, Apr 1 (PTI) Fair trade regulator CCI on Tuesday approved 360 ONE and Claypond Capital Partners' proposal to jointly acquire stakes in digital healthcare platform API Holdings.

API Holdings provides healthcare services through its subsidiaries, such as aknamed, Pharmeasy, Docon, Thyrocare, and Retailio.

The proposed transaction envisages wealth management entity 360 ONE to acquire certain class B compulsorily convertible preference shares (CCPS B) of API Holdings from its existing shareholder MEMG Family Office LLP (MEMG LLP), the regulator said.

MEMG LLP and Claypond Capital are engaged in consulting and advisory services and belong to the Pai Family Group.

The Competition Commission of India (CCI) has also cleared Claypond Capital Partners' proposal to acquire convertible preference shares of API Holdings from MEMG LLP.

"CCI approves the proposed acquisition of certain CCPS B of API Holdings by 360 ONE and Claypond Capital," the competition watchdog said in a release.

In a separate release, CCI approves the acquisition of additional voting rights by certain shareholders of Billionbrains Garage Ventures (Groww) and the issuance of bonus compulsorily convertible preference shares to all existing equity shareholders of Groww.

The proposed combination comprises of collapse of the differential voting rights held by the founders of Groww and the bonus compulsorily convertible preference shares to be issued to all existing equity shareholders of Groww.

The existing equity shareholders are Peak XV Partners, Ribbit, YC, Internet Fund VI, ICONIQ Strategic Partners VI, LP and ICONIQ Strategic Partners VI-B, LP and founders of Groww.

"Competition Commission of India (CCI) approves acquisition of additional voting rights by certain shareholders of Billionbrains Garage Ventures Private Limited (Groww) and issuance of bonus compulsorily convertible preference shares to all existing equity shareholders of Groww," the regulator said.

Peak XV Partners is a venture capital firm primarily focused on investing in startups in India and the Southeast Asia region, while Ribbit is a global investment organisation that invests in early-stage companies.

Y Combinator (YC) is a startup accelerator and early-stage venture investor, while Internet Fund VI is an arm of investment holding company Tiger Global and ICONIQ Strategic Partners VI, LP and ICONIQ Strategic Partners are the affiliates of ICONIQ Strategic Management, LLC.

Groww, through its affiliates, operates an online trading platform. It also has its own asset management business.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace. PTI HG HVA HG BAL BAL

Source: PTI