General Atlantic Singapore Ack Pte. Ltd. — Combination C-2026/07/1441

COMPETITION COMMISSION OF INDIA 18th August 2026 Notice under Section 6(2) of the Competition Act, 2002 given by General Atlantic Singapore ACK Pte. Ltd. CORAM: Ms. Ravneet Kaur Chairperson Ms. Sweta Kakkad Member Mr. Deepak Anurag Member Order under Section 31(1) of the Competition Act, 2002

1. On 24.07.2026, the Competition Commission of India (Commission) received a notice (Notice) under Section 6(2) of the Competition Act, 2002 (Act) from General Atlantic Singapore ACK Pte. Ltd. (Acquirer) regarding acquisition of certain additional shareholding in Acko Technology & Services Private Limited (Target), pursuant to the Target’s Rights Issue. The Notice was filed pursuant to (i) Resolutions by the Board of Directors of the Target dated 20.03.2026, 15.05.2026 and 10.07.2026, (ii) Letter of Offer by the Target to its equity shareholders dated 05.06.2026, (iii) Letter from the Acquirer to the Target dated 07.07.2026, and (iv) Letter from the Target to the Acquirer dated 10.07.2026 [hereinafter, the Acquirer and the Target are collectively referred to as the ‘Parties’].

2. The Proposed Combination envisages acquisition of additional shareholding of the Target by the Acquirer on a fully diluted basis, crossing the threshold of 25%, pursuant to the Target’s Rights Issue.

3. In terms of Regulation 14 of the the Competition Commission of India (Combinations) Regulations, 2024 (Combination Regulations), vide letter dated 06.08.2026, certain information and clarifications were sought from the Acquirer. The Acquirer submitted the same vide response dated 07.08.2026. The Acquirer also made certain voluntary submissions vide communication dated 04.08.2026.

4. The Acquirer is an investment holding company incorporated in Singapore. It is ultimately controlled by GASC MGP, LLC. The Acquirer is affiliated with a group of General Atlantic investment funds (General Atlantic Group) that provide capital and strategic support to growing businesses. General Atlantic Group invests, through its family of funds, in companies across global sectors – technology, healthcare and life sciences, financial services, infrastructure and real estate, consumer, climate and sustainable infrastructure (General Atlantic Portcos). Currently, the Acquirer holds 23.05% shareholding of the Target on a fully diluted basis.

5. The Acquirer does not have physical presence, nor does it undertake any business or hold any registration, in India. The General Atlantic Group, however, is present through the following entities registered in India: (a) General Atlantic Private Limited (GAPL), (b) GA GCC LLP (GA GCC), and (c) Actis Advisers Private Limited (Actis Advisers), which are wholly owned subsidiaries of General Atlantic Service Company, LP. In addition, General Atlantic Group is present in India through the General Atlantic Portcos. GAPL and Actis Advisers provide non-binding advice to the General Atlantic Group while GA GCC provides back-office services to the General Atlantic Group. It is now dormant and in the process of liquidation.

6. The Target, a private limited company incorporated in India, is engaged in the business of providing technology and outsourced services, establishing, running, and managing data processing computer centres for the development and implementation of technology products, data communication systems, and process that are enabled by information technology. In addition, the Target also, inter alia, provides operational services, wherein it is operationalising a garage network and has created doorstep services capability for vehicles, provides all-round damage protection plans to customers buying electronic devices, operates an online marketplace platform under the brand name ‘AckoDrive’ for the purposes of facilitating sale and purchase of new and used vehicles, and provides visa facilitation services on its platform app and website.

7. The Target has three (3) wholly owned subsidiaries, namely; (i) Acko General Insurance Limited (Acko GI) which is a licensed general (non-life) insurance company registered in India and offers various insurance products such as motor, health (including travel and personal accident), liability insurance and miscellaneous insurances, (ii) Acko Life Insurance Limited (Acko Life) which is a licensed life insurance company registered in India and offers life insurance products, and (iii) Assurelink Insurance Advisory Services Private Limited (Assurelink) which is awaiting Corporate Agency License from Insurance Regulatory and Development Authority of India (IRDAI) to carry out the business of distribution of insurance policies in India. In addition, the Target also has investments in various entities in India.

8. Based on the information, there exist horizontal overlap(s) between the business activities of one of the Acquirer’s affiliate and one of the Target’s affiliate in the broad market for hardware for chargers in India i.e., designing, manufacturing and supply of EV charging equipment, which may be further segmented into (i) AC charger equipment market in India, (ii) DC charger equipment market in India, and (iii) Portable charger equipment market in India. The Parties, including their affiliates, are not present in the Portable charger equipment market in India.

9. Further, based on the information, the following potential vertical linkages, also exist between the Parties (including their affiliates):

a. Acquirer’s affiliate is engaged in the ‘market for provision of hardware or chargers to charge point operators in India’ while the Target’s affiliate is engaged in the ‘market for establishing, operating and maintaining charge points i.e. acting as charge point operators in India’; and b. The Target (through Acko Life) is engaged in the ‘market for provision of Life Insurance in India’ and (through Acko GI) is engaged in the ‘market for provision of General Insurance in India’ while the Acquirer’s affiliate is engaged in the ‘market for distribution of Insurance Brokerage Services in India’.

10. Also, based on the information, the following potential complementary linkages, also exist:

a. The Target (through Acko GI) is engaged in the ‘market for health insurance in India’ while the Acquirer’s affiliate is engaged in the ‘market for healthcare delivery in North India’; and b. The Target (through Acko GI) is engaged in the ‘market for health insurance in India’ while the Acquirer’s affiliate is engaged in the ‘market for Eye-Care in India’.

11. With respect to the horizontal overlap noted above, it is observed that the combined market share of the Acquirer’s affiliate and the Target’s affiliate in the market segments (i) AC charger equipment in India, in terms of volume and value, is in the range of [0- 5]%; and (ii) DC charger equipment in India, in terms of volume, is in the range of [5- 10]%, and in terms of value, is in the range of [10-15]%. Further, it is noted that in the identified market(s), there are several other key competitors, present.

12. With regard to the vertical overlaps noted above, the Commission notes that the market share(s) of the Acquirer’s respective affiliates and of the Target’s respective affiliates in each of the respective identified markets, are insignificant. Accordingly, it appears that the Parties have no ability or incentive to foreclose competition in the aforesaid markets.

13. Similarly, with regard to complementary linkages noted above, the Commission observes that the market share of the Acquirer’s affiliates and of the Target’s affiliate in each of the respective identified markets, are insignificant.

14. As the Proposed Combination is not likely to cause appreciable adverse effect on competition (AAEC) in the aforesaid relevant market(s) in India, the Commission decides to leave delineation of the relevant market(s) open.

15. Considering the material on record, including the details provided in the Notice and the response(s), and the assessment of the Proposed Combination based on the factors stated in Section 20(4) of the Act, the Commission is of the opinion that the Proposed Combination is not likely to have AAEC in India. Therefore, the Commission approves the Proposed Combination under Section 31(1) of the Act.

16. This order may be revoked if, at any time, the information provided by the Acquirer is found to be incorrect.

17. The information provided by the Acquirer shall be treated as confidential in terms of and subject to provisions of Section 57 of the Act.

18. The Secretary is directed to communicate to the Acquirer accordingly.