The Competition Commission of India (CCI) has approved the acquisition of a stake in SmartShift Logistics Solutions Private Limited, the parent company of Porter, by Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF — both affiliates of Kedaara Capital.
Key Highlights
- Target Company: SmartShift Logistics Solutions Pvt. Ltd.
- Brand Operated: Porter — an on-demand logistics platform
- Acquirers: Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF
- Deal Type: Minority stake acquisition
- Regulatory Approval: Cleared by CCI on July 8, 2025 da
Context & Impact
- Porter’s Growth: Recently raised $200 million in Series F funding, co-led by Kedaara Capital and Wellington Management, valuing the company at $1.2 billion.
- Unicorn Status: Porter became India’s third logistics unicorn in 2025, after Netradyne and Juspay.
- Exit of Early Investors: Peak XV Partners (formerly Sequoia Capital India & SEA) and Kae Capital exited during this round.
Even though Kedaara Capital is acquiring only a minority stake in Porter (via SmartShift Logistics Solutions Pvt. Ltd.), CCI approval was required due to the deal crossing certain regulatory thresholds under India’s competition law.
Under the Competition Act, 2002, any acquisition—minority or majority—must be notified to the Competition Commission of India (CCI) if it crosses specified asset or turnover thresholds.
Porter is a tech-enabled, on-demand logistics platform operated by SmartShift Logistics Solutions Pvt. Ltd. It was founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, and has grown into one of India’s leading players in intra-city and inter-city logistics.
In May 2025, Porter raised $200 million in Series F funding, co-led by Kedaara Capital and Wellington Management, pushing its valuation to $1.2 billion — making it India’s third logistics unicorn of the year.
With Porter’s valuation crossing $1.2 billion after the Series F round, the transaction likely exceeded the prescribed thresholds, triggering mandatory CCI review.
CCI’s role is to ensure that even minority acquisitions don’t lead to anti-competitive practices, such as:
Porter is a tech-enabled, on-demand logistics platform operated by SmartShift Logistics Solutions Pvt. Ltd. It was founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, and has grown into one of India’s leading players in intra-city and inter-city logistics.
In May 2025, Porter raised $200 million in Series F funding, co-led by Kedaara Capital and Wellington Management, pushing its valuation to $1.2 billion — making it India’s third logistics unicorn of the year.
With Porter’s valuation crossing $1.2 billion after the Series F round, the transaction likely exceeded the prescribed thresholds, triggering mandatory CCI review.
CCI’s role is to ensure that even minority acquisitions don’t lead to anti-competitive practices, such as:
- Gaining strategic influence over a market leader
- Creating barriers for smaller players
- Coordinated behavior among investors in the same sector
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