NewQuest Asia Fund IV (Singapore) Pte. Ltd.
Case brief
What is this about?
The Competition Commission of India assessed a proposed combination involving the acquisition of 13.24% of Shadowfax Technologies Private Limited by NewQuest Asia Fund IV, a private equity fund. The Commission analyzed horizontal overlaps in third-party logistics and vertical linkages between logistics and e-commerce sectors. Considering low market shares, high buyer power from e-commerce platform
What did the court decide?
Proposed Combination approved under Section 31(1) of the Act; Information treated as confidential under Section 57.
What the court decided
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2023/12/1098)
6th February 2024
Notice under Section 6(2) of the Competition Act, 2002 given by NewQuest Asia Fund IV (Singapore) Pte. Ltd.
CORAM:
Mr. Anil Agrawal Member
Ms. Sweta Kakkad Member
Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
- On 28th December 2023, the Competition Commission of India ( ‘Commission’ ) received a Notice under Section 6(2) of the Competition Act, 2002 ( ‘Act’ ) given by NewQuest Asia Fund IV (Singapore) Pte. Ltd. ( Acquirer/TPG NQ ). The Notice was filed pursuant to the execution of inter alia (i) Share Purchase Agreement dated 26th September 2023 ( SPA ) between TPG NQ and Eight Roads Investments Mauritius II Limited ( Eight Roads ), (ii) Share Subscription Agreement dated 26th September 2023 ( SSA ) by and amongst TPG NQ, Shadowfax Technologies Private Limited ( Target/ SFX ), Abhishek Bansal, and Vaibhav Khandelwal, and (iii) Shareholders’ Agreement dated 26th September 2023 ( SHA ) by and amongst TPG NQ, SFX, Abhishek Bansal, Vaibhav Khandelwal, Nokia Growth Partners IV, LP, Qualcomm Asia Pacific Pte. Ltd., Qualcomm Ventures LLC, Mirae Asset Naver New Growth Fund I, Mirae Asset - GS Retail New Growth Fund I, Mirae Asset - Naver Asia Growth Investment Pte. Ltd, Mirae Asset Late Stage Opportunities Fund, Eight Roads, International Finance Corporation, Flipkart Internet Private Ltd (FK), Trifecta Venture Debt Fund – II,
Issues for consideration
3 issues framed by the court
Whether the proposed acquisition of 13.24% shareholding by TPG NQ in Shadowfax Technologies Private Limited is likely to cause an appreciable adverse effect on competition.
Whether the proposed combination exhibits horizontal or vertical overlaps that would affect competition in 3PL services for e-commerce.
Whether the combined market shares and countervailing buyer power support approval under Section 31(1) of the Competition Act, 2002.
Parties & counsel
- applicant
NewQuest Asia Fund IV (Singapore) Pte. Ltd.
- other
Shadowfax Technologies Private Limited
Coram
Anil Agrawal
Case details
As recorded by the court registry
Similar cases
Judgements on the same questions, provisions and authorities, from every court