Shadowfax Stake Bought by NewQuest Gets CCI Nod

NewQuest Asia Fund IV (Singapore) Pte, a private equity fund of TPG Group, has received approval from the Competition Commission of India (CCI) to acquire a stake in Shadowfax Technologies, a tech-enabled logistics platform.

What is Shadowfax Technologies?

Shadowfax Technologies is a crowd-sourced and tech-enabled logistics platform that provides delivery services to various sectors such as e-commerce, food, grocery, pharma, and others. The company was founded in 2015 and operates in over 500 cities across India. Shadowfax claims to have over 150,000 delivery partners and over 10,000 clients on its platform.

What is the deal between NewQuest and Shadowfax?

According to a release by CCI, NewQuest Asia Fund IV (Singapore) Pte (TPG NQ) proposes to acquire certain shareholding of Shadowfax Technologies (SFX). The details of the deal, such as the value and the percentage of stake, have not been disclosed yet. However, according to media reports, the deal could be worth around $150 million and give NewQuest a significant minority stake in Shadowfax.

Why is the deal important?

The deal is important for both NewQuest and Shadowfax as it will help them expand their presence and capabilities in the fast-growing logistics sector in India. NewQuest is a private equity fund that focuses on investing in growth-oriented companies in Asia. The fund has invested in sectors such as consumer, healthcare, technology, and financial services. By investing in Shadowfax, NewQuest will gain exposure to the logistics segment, which is expected to grow at a compound annual growth rate (CAGR) of 10.5% from 2020 to 2025, according to a report by Research and Markets.

Shadowfax, on the other hand, will benefit from the expertise and network of NewQuest and TPG Group, which is one of the largest global alternative asset managers with over $91 billion of assets under management. Shadowfax will be able to leverage the resources and experience of NewQuest and TPG Group to scale up its operations, enhance its technology, and diversify its offerings.

What are the regulatory hurdles for the deal?

The deal has received clearance from CCI, which is the fair trade regulator in India. CCI evaluates the proposed combinations of entities to ensure that they do not have an adverse effect on competition in the relevant market. CCI has also approved another deal involving Interise Investment Managers, which is the investment manager of IndInfravit Trust, an infrastructure investment trust. The deal involves the acquisition of 100% of the share capital of Interise Investment Managers by CPPIB India Private Holdings (CIPH), Allianz Infrastructure Luxembourg II (AIL-II), Ontario Inc from L&T Infrastructure Development Projects Ltd and certain other sellers. CIPH is a subsidiary of Canada Pension Plan Investment Board (CPPIB) and AIL II is a fund owned by Allianz SE. Ontario Inc is an entity of the Ontario Administration Corporation.

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