Combination Registration No. C-2026/05/1418, Kedaara Pearl Holding (‘Kedaara Pearl’), Kedaara Capital Fund IV AIF (‘Kedaara Fund IV’), and Axis Finance Limited (‘Axis Finance’)

Proposed Transaction

Kedaara Pearl is a category II Alternative Investment Fund (‘AIF’) registered with the International Financial Services Centres Authority and has no investments in India as on the date of the Order. Kedaara Fund IV is a SEBI-registered fund invested in the financial services and logistics sectors, which is why the increment is so small. The investment managers are Nish Capital Investment Advisors LLP and Kedaara Capital Business Services LLP, and the Kedaara group is ultimately controlled by Manish Kejriwal, Sunish Sharma, and Nishant Sharma. Axis Finance is the wholly owned non-banking financial company subsidiary of Axis Bank, is also registered with the IRDAI as a composite corporate agent and has no affiliates meeting the materiality thresholds.

The CCI approved the subscription by Kedaara Pearl and Kedaara Fund IV to a preferential issue of 5.09% of Axis Finance. The notice was filed on May 4, 2026, following a share subscription agreement and an investor agreement dated April 25, 2026, the latter executed with Axis Bank and granting the acquirers certain rights in Axis Finance. A request for information was issued on May 13, 2026, and answered on May 21, 2026, and approval came on June 16, 2026.

CCI Findings

Horizontal Overlaps: Horizontal overlaps arose in loans and lending services, with narrower segments for home, micro, small and medium enterprises, loan against property, and personal loans, and in the distribution of life and general insurance products. The combined presence was in the [0-5]% band in each market with an increment below 1%, and each market was found to be characterised by other significant competitors.