The Competition Commission of India (CCI) has approved the merger of Garagepreneurs Internet Private Limited (GIPL), a fintech, with the North East Small Finance Bank (NESFB).
The proposed transaction comprises the merger of a financial technology company, GIPL (including Quadrillion Finance Private Limited (QFPL) (an NBFC-SI-ICC) and Intergalactory Foundry Private Limited (IFPL)) with North-East Small Finance Bank Limited (NESFB) (including RGVN (North-East) Microfinance Limited (RGVN)).
GIPL operates under the brand name “slice” and focuses on facilitating payments and credit products through digital means in India.
GIPL primarily focuses on enabling underbanked customers to access financial services through affordable and transparent cost solutions and structures.
NESFB is a private sector small finance bank (SFB) headquartered in Guwahati, Assam. It has branches in the North Eastern states (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim) and West Bengal.