On January 10, 2019, pursuant to the share purchase agreement dated November 16, 2018, CCI approved acquisition of 3.28% in IndiaIdeas.com Limited (‘IndiaIdeas’) by Springfield Investments International B.V. (‘Springfield Investments’) (collectively referred to as ‘Parties’).
Springfield Investments is an investment company forming a part of March Capital Partners (‘March Capital’), a venture capital firm having investments in breakthrough technology companies globally. The services offered by IndiaIdeas have been set out above.
CCI noted that once the transaction is consummated, Springfield Investments will also become a part of the Clearstone Venture Mauritius (‘CVM’). It was further noted that March Capital and CVM group were both existing shareholders of IndiaIdeas. Additionally, based on the individual and combined incremental shareholding in IndiaIdeas of March Capital and CVM group, CCI noted that the proposed combination was not likely to change the competition dynamics in any market in India and accordingly approved the combination. Combination Registration No. C- 2018/12/621