Mars Equity Dragon Fund VCC

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SUMMARY OF THE PROPOSED COMBINATION IN TERMS OF REGULATION 13(2) OF THE COMPETITION COMMISSION OF INDIA (COMBINATIONS) REGULATIONS, 2024

A. Name of the parties to the proposed combination.

1. The parties to the proposed transaction are: a) Mars Equity Dragon Fund VCC (Dragon Fund / Acquirer) b) Krazybee Services Limited (Krazybee / Target 1) c) Finnovation Tech Solutions Private Limited (Finnovation / Target 2)
2. Dragon Fund, Krazybee and Finnovation are collectively referred to as the Parties. B. Nature and Purpose of the Combination.
3. The proposed transaction involves Acquirer’s acquisition of certain shares in the Target (Proposed Transaction). The Proposed Transaction is an acquisition of shares and falls under Section 5(a)(i)(A) of the Competition Act, 2002. C. Products, Services and Business(es) of the Parties. Acquirer / Dragon Fund
4. The Acquirer is an investment fund wholly managed by Mars Equity M.C. Pte. Ltd., a holder of a Capital Markets Services Licence in Singapore. Mars Equity M.C. Pte. Ltd. is a wholly owned subsidiary of MUFG Bank, Ltd. MUFG Bank, Ltd. is a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc (MUFG Group / Acquirer Group). Target 1 / Krazybee
5. Krazybee is a non-deposit taking Non-Banking Financial Institution registered with the Reserve Bank of India. It is classified as middle layer Investment and Credit Company. It offers the following products and services: (i) unsecured personal loans; (ii)

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unsecured business loans; (iii) loan against property; (iv) two-wheeler loan and (v) cross-selling products like insurance and credit score report. Target 2 / Finnovation 6. Finnovation is the technology company which owns and operates the KreditBee app, through which customers can avail loans and access payment services like Unified Payments Interface (UPI). Finnovation acts as a technology provider and sourcing partner for Krazybee and other co-lending partners. D. Relevant Market(s) in which the Parties to the combination operate. 7. It is submitted that the Proposed Transaction is in the nature of a financial investment and does not give rise to competition concerns in any plausible market, irrespective of the manner in which the relevant market is delineated. 8. Without prejudice to the above and in the interest of assisting the Hon’ble Commission, the following relevant markets may be considered: Horizontal Markets a) Broad Relevant Market (1): market for provision of loans and lending services in India (Broad Loans Market); i) Narrow Relevant Market Segment (1): market for provision of retail loans in India (Narrow Loans Market 1); A) Narrower Market Segment (1): market for provision of personal loans in India (Narrower Loans Market 1.1); B) Narrower Market Segment (2): market for provision of vehicle loans in India (Narrower Loans Market 1.2);

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● Narrowest Market Segment (1): market for provision of two- wheeler loans in India (Narrowest Loans Market 1.2.1); C) Narrower Market Segment (3): market for provision of MSME loans in India (Narrower Loans Market 1.3); b) Broad Relevant Market (2): market for UPI-based digital payment applications in India (UPI Market); Vertical Markets a) Upstream Relevant Market: market for provision of loans and lending services in India and b) Downstream Relevant Market: market for distribution of loans and lending services in India

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