Competition watchdog Competition Commission of India on Tuesday approved the merger of fintech startup Slice with troubled lender North East Small Finance Bank (NESFB).
As per the plan, Garagepreneurs Internet, which owns the brand Slice, will merge with its inhouse non-banking finance company Quadrillion Finance, and the combined entity along with the bank’s microfinance entity, RGVN Microfinance, will merge with NESFB.
The merger scheme will next require approval from the National Company Law Tribunal (NCLT) for completion.
The RBI allowed the merger of NESFB with Slice in October 2023. Investors of Slice Gunosy Capital, Blume Ventures, Insight Partners have also been made party to the merger process.
The merged entity will eventually operate in the financial services space offering digital payments, deposit services, lending services and mutual fund offerings, according to CCI.
“The proposed amalgamation does not require the Hon’ble Commission to define any relevant market(s) given that it is unlikely to cause any appreciable adverse effect on competition in any market in India,” CCI said in its order.
ET reported on December 25 that Satish Kumar Kalra, previously a senior executive at Andhra Bank, has been appointed the chief executive officer of the proposed merged entity. ET also wrote on December 18 that Slice is eyeing around $100 million in equity funding to propel its banking aspirations.
Source: Economic Times