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CCI Update – Approval of Acquisition of Shareholding in Vastu Housing Finance Corporation Limited, APAC Financial Services Limited, and Quantiphi, Inc by Multiples Plenty Private Equity GIFT Fund

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CCI Update – Approval of Acquisition of Shareholding in Vastu Housing Finance Corporation Limited, APAC Financial Services Limited, and Quantiphi, Inc by Multiples Plenty Private Equity GIFT Fund

The Competition Commission of India (“CCI”) vide Press Release No. 03/2025-26,[1] dated April 08, 2025, approved the proposed acquisition of shareholding in Vastu Housing Finance Corporation Limited (“Vastu”), APAC Financial Services Limited (“APAC”), and Quantiphi, Inc. (“Quantiphi”) by Multiples Plenty Private Equity GIFT Fund (“Multiples GIFT Fund” or “Acquirer”).

The proposed combination includes the following:

(a) CCI has granted its approval for the acquisition by Multiples GIFT Fund of a certain shareholding in: Vastu [currently held by Plenty Private Equity Fund-I Limited (“Plenty”), Multiples Private Equity Fund-II LLP (“Multiples Fund II”), and Plenty CI Fund-I Limited (“Plenty CI”)]; APAC [currently held by Plenty and Multiples Fund-II]; and Quantiphi [currently held by Plenty and Multiples Fund-II].

(b) The entities involved in the proposed acquisition include:

  1. Multiples GIFT Fund, is a newly incorporated trust under the Indian Trusts Act, 1882, registered with the International Financial Services Centres Authority (“IFSCA”) as a Restricted Scheme. It is managed by ‘Multiples Asset Management IFSC LLP’, a limited liability partnership under the Limited Liability Partnership Act, 2008. Multiples GIFT Fund, Plenty, Multiples Fund II, and Plenty CI are all part of the Multiples Group.
  2. Vastu, is a housing finance company engaged in providing retail loans, including home loans and loans to small and medium enterprises (“MSMEs”). It also operates in the auto loan and loan against property segments through its wholly owned subsidiary, Vastu Finserve India Private Limited.
  3. APAC, is a Non-Banking Financial Company – Middle Layer, registered with the Reserve Bank of India (RBI) since February 2018, provides retail loans primarily to MSMEs.
  4. Quantiphi, is a U.S.-incorporated company, specializes in artificial intelligence (AI), machine learning (ML) solutions, and data analytics. It operates in India through its subsidiary, Quantiphi Analytics Solutions Private Limited.

      [1] https://www.cci.gov.in/media-gallery/press-release/details/509/0