CCI Recently Approved Acquisition Proposals of API Holdings by 360 ONE & Claypond Capital, and Voting Rights Changes in Groww.
Banking & Finance
On April 1, 2025, the Competition Commission of India (CCI) approved multiple acquisition proposals, including the joint acquisition of stakes in API Holdings Limited by 360 ONE and Claypond Capital Partners Private Limited and the acquisition of additional voting rights by certain shareholders of Billionbrains Garage Ventures Private Limited (Groww).
- CCI approved the proposal of wealth management firm 360 ONE and Bengaluru-based Claypond Capital to jointly acquire Class B compulsorily convertible preference shares (CCPS B) of Mumbai-based API Holdings Limited.
- API Holdings operates healthcare services through subsidiaries like Aknamed, Pharmeasy, Docon, Thyrocare, and Retailio. The shares will be acquired from MEMG Family Office LLP (MEMG LLP).
- Additionally, CCI approved Groww's proposal involving the issuance of bonus shares and the relinquishment of extra voting rights by its founders. This restructuring includes eliminating differential voting rights and issuing bonus compulsorily convertible shares to its existing shareholders.
Main Point :- (i) Groww's shareholders benefiting from this proposal include Peak XV Partners, Ribbit Capital, YC Holdings, Tiger Global, and ICONIQ Strategic Partners. These entities primarily invest in early-stage companies and startups across India, Southeast Asia, and the United States.
(ii) 360 ONE Large Value Fund (LVF), which is registered with SEBI as a Category-II Alternative Investment Fund (AIF), will manage its investment in API Holdings through its investment manager, 360 ONE Alternates Asset Management Limited (AAML).
(iii) With these approvals, CCI has facilitated key investments and strategic acquisitions in India's healthcare and fintech sectors, supporting the growth of API Holdings and Groww while streamlining their corporate structures.
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