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CCI approves proposed acquisition of “certain stake" in Bundl Technologies (Swiggy) by SoftBank Group-owned SVF II Songbird
The Competition Commission of India (CCI) today approved the proposed acquisition of certain stake in Bundl Technologies (Swiggy) by SVF II Songbird, which is a Softbank Group company. The announcement was made on the Official Twitter handle of the competition watchdog
The Competition Commission of India (CCI) today approved the proposed acquisition of certain stake in Bundl Technologies (Swiggy) by SVF II Songbird, which is a Softbank Group company. The announcement was made on the Official Twitter handle of the competition watchdog.
The detailed order was still not uploaded on the CCI Website at the time of the filing of the story.
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The approval was granted under Regulation 13(1A) of the CCI (Procedure in regard to the Transaction of Business relating to combinations Regulations, 2011).
See Tweet Here:
Commission approves the proposed acquisition of certain stake in Bundl Technologies (Swiggy) by SVF II Songbird (SoftBank Group entity) pic.twitter.com/ucLnHgOaIy
— CCI (@CCI_India) July 12, 2021
SVF II is a newly incorporated entity set up to make mid to long-term financial investments in companies, as per the filing on the CCI website. SVF II belongs to the SoftBank Group which is present in India through controlled entities and investments in various sectors, including financial technology, health technology, logistics, and education technology, the document said.
Meanwhile, Bundl is a private limited company incorporated in India and is engaged in operating an online marketplace Swiggy, through its website and mobile applications, enabling transactions between merchants and customers, this filing said.
The respective markets in which the parties to the combination operate
- The activities of the Parties’ do not exhibit overlaps in any of the plausible relevant markets in India. Therefore, the Proposed Combination will not lead to any change in the competitive landscape or cause any appreciable adverse effect on competition in India, this filing had said while applying for the proposed acquisition.
- “However, solely with the aim to aid the assessment of the Hon’ble Commission, the Parties have provided a competitive assessment of 2 (two) indirectly overlapping vertical relationships between the Parties in the (i) digital payments services segment, and (iii) online advertising services segment,” it further said.
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