KRRAVE: CCP authorises majority acquisition shareholding by Suol Innovations

ISLAMABAD: The Competition Commission of Pakistan (CCP) has authorised the acquisition of majority shareholding in KRRAVE Technologies Pte Ltd by Suol Innovations Limited, following a review under the Competition Act 2010.

Suol Innovations Limited, incorporated in Cyprus and part of the global inDrive Group, acquired the shares pursuant to call option agreements executed with multiple shareholders. The transaction had been completed prior to obtaining the Commission’s approval and was therefore reviewed by the CCP under the ex-post facto merger authorization framework.

Suol Innovations is part of the inDrive Holding Inc, a USA-registered global technology platform offering ride-hailing, intercity transport, courier delivery, and related mobility services. The group operates in Pakistan through its subsidiary Sobo Tech (SMC-Private) Limited, providing on-demand mobility and courier services under the inDrive brand.

The target company, KRRAVE Technologies Pte Ltd incorporated in Singapore, is the holding company of KRRAVE Technologies (Private) Limited, which operates KRRAVE Mart, an online grocery and essentials delivery platform in Pakistan. The platform offers a wide range of grocery and household products through an e-commerce delivery service currently operating in Karachi.

The CCP conducted a Phase-I competition assessment to evaluate the potential impact of the transaction on competition in Pakistan. For the purpose of the review, the relevant market was identified as the “E-commerce B2C delivery platform for grocery” in Karachi.

The Commission observed that the acquirer operates primarily in mobility and logistics services, while the target operates in online grocery e-commerce, and therefore the transaction constitutes a conglomerate merger between businesses operating in distinct sectors.

Copyright Business Recorder, 2026