Mars Equity Dragon Fund Vcc
Case brief
What is this about?
The Competition Commission of India approved a proposed combination by MARS Equity Dragon Fund VCC involving 2.74% share acquisitions in Krazybee and Finnovation. The Commission found no appreciable adverse effect on competition due to negligible market share.
What did the court decide?
The Commission approves the Proposed Combination under Section 31(1) of the Act.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
COMPETITION COMMISSION OF INDIA
Combination Registration No. C-2026/05/1424
30th June 2026
Notice under Section 6(2) of the Competition Act, 2002 given by MARS Equity Dragon Fund VCC
CORAM:
Ms. Ravneet Kaur Chairperson Ms. Sweta Kakkad Member Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
- On 15th May 2026, the Competition Commission of India ( Commission ) received a Notice under Section 6(2) of the Competition Act, 2002 ( Act ) given by MARS Equity Dragon Fund VCC ( Dragon Fund / Acquirer ) in relation to its proposed acquisition of (a) 2.74% shareholding in Krazybee Services Limited ( Krazybee / Target 1 ); and (b) 2.74% shareholding in Finnovation Tech Solutions Private Limited ( Finnovation / Target 2 ) [collectively, ‘ Targets ’] by way of a primary subscription as well as secondary purchases from Alpine Opportunity Fund IV, L.P and Mirae Asset – Naver Asia Growth Investment Pte. Ltd ( Proposed Combination ). The Acquirer and the Targets are hereinafter collectively referred to as the ‘ Parties ’.
- The Notice was filed pursuant to inter alia execution of:
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition of 2.74% shareholding in Krazybee and Finnovation will have an appreciable adverse effect on competition (AAEC) in the relevant Indian markets.
Whether the Commission may leave the precise delineation of the relevant markets open due to the Parties' insignificant market presence.
Parties & counsel
- petitioner
COMPETITION COMMISSION OF INDIA
- respondent
MARS EQUITY DRAGON FUND VCC
Coram
Ravneet Kaur
Case details
As recorded by the court registry
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