Acquisition of Shares in Acko Technology & Services Private Limited by General Atlantic Singapore ACK Pte. Ltd.

Summary of the Proposed Combination

Under sub-regulation (2) of regulation 13 of Competition Commission of India (Combinations) Regulations, 2024.

Name of the parties to the combination

1. The parties are:

a. General Atlantic Singapore ACK Pte. Ltd. (GASACK / Acquirer) and

b. Acko Technology & Services Private Limited (Acko Tech).

A. Nature and purpose of the combination

2. Pursuant to proposed corporate actions by Acko Tech, GASACK may acquire additional shareholding of Acko Tech leading to its total shareholding crossing 25% on a fully diluted basis (Proposed Combination). The Proposed Combination is in the nature of an acquisition of shares and is notifiable under Section 5(a)(i)(A).

B. Products, services and business(es) of the parties to the combination; and

3. GASACK: GASACK is an investment holding company incorporated under the laws of Singapore. GASACK is affiliated with a group of General Atlantic investment funds that provides capital and strategic support to growing businesses across the following global sectors - technology, healthcare and life sciences, financial services, consumer, climate and sustainable infrastructure, infrastructure and real estate. Its objective is to hold long-term investments it its portfolio companies.

4. Acko Tech: Acko Tech is a leading Insure-tech company in India. Acko Tech has 3 wholly owned subsidiaries in India, Assurelink, Acko GI and Acko Life. Acko GI and Acko Life are licensed general (non-life) and life insurance providers, respectively. Assurelink is awaiting Corporate Agency License from the IRDAI to engage in the business of distribution of insurance policies in India. Acko Tech also has investments in other entities.

C. Respective markets in which the parties to the combination operate, shall be filed for the purpose of publishing the same on the website of the Commission.

5. The Proposed Combination does not present any competition concerns nor leads to any appreciable adverse effect on competition, irrespective of the manner in which the relevant market is defined. However, should the Hon’ble Competition Commission of India feel the need to delineate a relevant market for its competition assessment, the following relevant markets may be delineated: (a) market for provision of general insurance in India; (b) market for provision of life insurance in India; (c) market for distribution of insurance brokerage services in India; (d) market for designing, manufacturing, or supplying electronic vehicle charging equipment in India; (e) market for establishing, operating, and maintaining charge points in India; (f) healthcare delivery in North India; and (g) Eye care in India.