### **Summary of CCI Approval: Acquisition of Valuedrive Technologies Private Limited**
**Overview**
The Competition Commission of India (CCI) has officially approved the acquisition of additional shareholding in Valuedrive Technologies Private Limited by a consortium comprising Setu AIF Trust, Konark Trust, and MMPL Trust. The transaction involves the acquisition of shares on a fully diluted basis.
**The Acquirers**
* **Setu AIF Trust:** A Category II Alternative Investment Fund (AIF) registered with the Securities and Exchange Board of India (SEBI).
* **Konark Trust and MMPL Trust:** Private trusts that co-invest alongside Setu AIF Trust through their respective trustees.
**The Target (Valuedrive Technologies Private Limited)**
Valuedrive Technologies operates as the operating-cum-holding company for the **Spinny Group**. Its primary business model involves:
* **Core Business:** Operating an electronic platform for sellers of used motor vehicles. The company purchases these vehicles and resells them on a wholesale or business-to-business (B2B) basis.
* **Subsidiary Operations:** The company’s subsidiaries provide a range of secondary services, including:
* Lending and loan services for customers.
* Motor insurance brokerage services.
* Publishing of specialty magazines and automotive-focused online content.
* Organization of automotive sector events and related ancillary services.
**Administrative Details**
* **Announcement Date:** March 25, 2026
* **Source:** PIB Delhi
* **Release ID:** 2245409
* **Status:** Approved; a detailed order from the Commission is expected to follow.
Key Entities Referenced
Competition Commission of India (CCI): The regulatory body responsible for reviewing and approving mergers and acquisitions to ensure fair competition in India.
Valuedrive Technologies Private Limited: The target entity and operating-cum-holding company for the 'Spinny Group' that manages an electronic platform for used motor vehicles.
Setu AIF Trust: A SEBI-registered Category II alternative investment fund acting as one of the primary acquirers in the transaction.
Konark Trust: A private trust acting through its trustees as a co-investor and acquirer in the proposed combination.
MMPL Trust: A private trust acting through its trustees as a co-investor and acquirer in the proposed combination.
Competition Commission of India
CCI approves proposed acquisition of additional
shareholding of Valuedrive Technologies Pvt Ltd
by Setu AIF Trust, Konark Trust, and MMPL Trust
Posted On: 25 MAR 2026 8:37PM by PIB Delhi
The Competition Commission of India (CCI) has approved the proposed acquisition of additional
shareholding of Valuedrive Technologies Private Limited by Setu AIF Trust, Konark Trust, and MMPL
Trust.
The proposed combination entails the acquisition of certain additional shareholding (on a fully diluted
basis) of Valuedrive Technologies Private Limited (Target) by Setu AIF Trust, Konark Trust, and MMPL
Trust (Acquirers).
Setu AIF Trust is a Category II alternative investment fund registered with the Securities and Exchange
Board of India. Further, Konark Trust and MMPL Trust are both private trusts, acting through their
respective trustees, that co-invest along with Setu AIF Trust.
The Target is a private limited company incorporated in India acting as an operating cum-holding company
for the ‘Spinny Group’. It is primarily engaged in the business of operating an electronic platform for
sellers to provide details of used motor vehicles, which are purchased by the Target and subsequently sold
on a wholesale / business-to-business basis.
The Target also has subsidiaries that are engaged in the provision of loans and lending services to its
customers; distribution of motor insurance in the capacity of a broker (largely to its own customers);
printing and publishing of specialty magazines; online content and organizing events with respect to the
automotive sector; and certain ancillary and incidental services.
Detailed order of the Commission will follow.
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NB/ONP
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