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The Competition Commission of India (CCI) has approved Mirae Group entities’ acquisition of a minority stake in ShadowfaxTechnologies, an on-demand logistics services provider.

The Mirae Group entities, engaged in venture investments, are under the direct or indirect control of Mirae Asset Financial Group, a global financial group headquartered in Seoul, South Korea.

An order by CCI states, “The proposed combination involves an acquisition of a minority stake in Shadowfax Technologies Private Limited (target) by Mirae Asset Late Stage Opportunities Fund (Mirae IV) (share

acquisition); and contemporaneously with the completion of the share acquisition, an acquisition of a right to appoint a director on the board of target, collectively by 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.”

Transactions exceeding a specified threshold requires approval from the regulatory authority, which monitors unfair business practices and promotes fair competition in the marketplace.

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[Product Roadmap] The journey Shadowfax took to win Swiggy, Amazon, Flipkart, and McDonald’s as clients

Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax Technologies provides logistics and third party (3P) logistics services in India.

The startupwas last valued at $632 million in April last year, according to data and research platform Tracxn.

Shadowfax, which is backed by prominent investors such as Flipkart, Mirae Asset, IFC, and Eight Roads Ventures, collaborates with various sectors including e-commerce, grocery, medicine, and food delivery to provide multi-city e-commerce fulfillment and reverse logistics services. 

With partnerships with over 1.3 lakh delivery associates, the logisctics provider operates in over 10,000 PIN codes. Originally established as a hyperlocal logistics delivery provider, the company has broadened its scope by incorporating fulfillment centres to cater to direct-to-consumer brands and small-scale merchants.