Multiples Plenty Private Equity GIFT Fund has approached the Competition Commission of India (CCI) seeking clearance for its proposed acquisition of stakes in three companies—Vastu Housing Finance Corporation, APAC Financial Services, and Quantiphi, Inc. The transaction, categorised as an acquisition under Section 5 of the Competition Act, 2002, is structured as an intra-group consolidation within the Multiples Group.
The deal involves Multiples GIFT Fund acquiring certain stakes in Vastu from Plenty Private Equity Fund I Ltd, Multiples Private Equity Fund II LLP, and Plenty CI Fund I Ltd. Additionally, it plans to take over the entire shareholding of APAC and Quantiphi currently held by Plenty and Multiples Fund II.
Vastu is a housing finance company offering retail loans, including home loans and credit to small and medium enterprises (SMEs). It also operates in the auto loan and loan-against-property segments through its subsidiary, Vastu Finserve India. APAC, a non-banking financial company (NBFC), specialises in SME lending and recently secured a corporate agency license from the Insurance Regulatory and Development Authority of India (IRDAI) for distributing insurance products. Quantiphi, a US-based firm, provides artificial intelligence (AI), machine learning, and data analytics solutions and has a presence in India through its subsidiary, Quantiphi Analytics Solutions.
The transaction could have competitive implications across multiple markets, including retail lending, SME financing, home and auto loans, and loan-against-property segments. Additionally, potential vertical overlaps have been identified in the insurance sector, given APAC’s recent foray into insurance distribution and the involvement of Multiples GIFT Fund’s affiliates in the life and general insurance markets.
The acquisition, if approved, is expected to streamline operations within the Multiples Group, aligning its financial services and AI-driven analytics capabilities. However, its impact on competition in the financial and technology sectors remains subject to CCI’s assessment.