Mirae Group Secures CCI Greenlight for Stake Acquisition in Shadowfax Tech

The Competition Commission of India (CCI), in a significant development, granted approval to the Mirae Group’s entities for acquiring a minority stake in Shadowfax Technologies, a prominent on-demand logistics services provider. The Mirae Group entities fall under the direct or indirect control of Mirae Asset Financial Group in the category of venture investments. MAFG is a globally recognized financial entity headquartered in Seoul, South Korea.

According to the CCI order, the proposed combination includes the acquisition of a minority stake in Shadowfax Technologies Private Limited by Mirae Asset Late Stage Opportunities Fund (Mirae IV). Simultaneously, there will be an acquisition of the right to appoint a director on the board of the target company. This collective move involves Mirae Asset Naver New Growth Fund I (Mirae I), Mirae Asset– GS Retail New Growth Fund I (Mirae II), Mirae Asset– Naver Asia Growth Investment Pte. Ltd (Mirae III), and Mirae IV.

It needs to be pointed out that transactions exceeding a specified amount threshold require approval from regulatory authorities like the CCI – a practice that ensures the oversight of business practices and fosters fair competition in the marketplace.

Shadowfax Technologies was founded in 2015 and specializes in providing logistics services in India, including 3PL. Valued at more than USD 600 million in 2022, the startup has garnered support from major investors, including Flipkart, Mirae Asset, IFC, and Eight Roads Ventures.

Collaborating with diverse sectors such as e-commerce, grocery, medicine, and food delivery, Shadowfax offers e-commerce fulfillment and reverse logistics services in many cities across India, servicing more than 10,000 PIN codes. Originally established as a hyperlocal logistics delivery provider, the company has expanded its scope by integrating fulfillment centers to cater to direct-to-consumer brands and small-scale merchants.

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