Competition Commission of India Greenlights Merger of Garagepreneurs Internet Private Limited with North East Small Finance Bank

The Competition Commission of India (CCI) has given its nod for the merger of Garagepreneurs Internet Private Limited (GIPL), a financial technology company, with North East Small Finance Bank Limited (NESFB). This landmark decision paves the way for a significant consolidation in the financial technology and banking sectors in India.

The proposed transaction entails the amalgamation of GIPL, including its subsidiaries Quadrillion Finance Private Limited (QFPL) and Intergalactory Foundry Private Limited (IFPL), with NESFB, including its subsidiary RGVN (North-East) Microfinance Limited (RGVN). This amalgamation will be executed through a composite scheme of amalgamation to be filed before the jurisdictional National Company Law Tribunal, along with certain related transactions.

Under the brand name “slice,” GIPL has been instrumental in revolutionizing the landscape of digital payments and credit products in India. With a focus on facilitating access to financial services for underbanked customers, GIPL has established itself as a key player in providing affordable and transparent financial solutions.

NESFB, headquartered in Guwahati, Assam, is a private sector small finance bank with a presence in the North Eastern states and West Bengal. The bank’s commitment to financial inclusion and its extensive network of branches have made it a significant player in serving the banking needs of the region.

The CCI’s approval of this merger underscores its recognition of the potential synergies and benefits that the consolidation will bring to the financial services sector. By combining the innovative capabilities of GIPL with the robust banking infrastructure of NESFB, the merged entity is poised to offer enhanced digital banking solutions and expand its reach to underserved communities.

The detailed order of the Commission, expected to follow soon, will provide insights into the rationale behind the approval and any conditions imposed on the merger. This development signals a new chapter in the evolution of India’s fintech and banking sectors, reflecting the growing importance of digital innovation and financial inclusion in driving economic growth and development.