‏إظهار الرسائل ذات التسميات Kedaara Capital. إظهار كافة الرسائل
‏إظهار الرسائل ذات التسميات Kedaara Capital. إظهار كافة الرسائل

CCI Clears Kedaara Capital’s Stake Buy in Porter’s Parent Company

CCI Clears Kedaara Capital’s Stake Buy in Porter’s Parent Company

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:
  • Gaining strategic influence over a market leader
  • Creating barriers for smaller players
  • Coordinated behavior among investors in the same sector

Porter Closes Series F Funding Round led by Kedaara Capital and Wellington Management

Porter Closes Series F Funding Round led by Kedaara Capital and Wellington Management

Porter, India’s leading on-demand Goods Transport Agency (GTA), has successfully closed its Series F funding round led by Kedaara Capital and Wellington Management along with continued support from existing investor, Vitruvian Partners. The round included a healthy mix of primary investment in the Company and secondary exits to few existing shareholders.

Founded in 2014, Porter has transformed intra-city logistics across India, offering a comprehensive suite of services including on-demand intra-city transport, packers and movers, and enterprise logistics solutions. With this fresh capital, the company is set to expand operations across multiple cities, with the goal of serving millions of MSMEs and enabling livelihood opportunities for over 1 million gig workers. With a sharp eye on growth and innovation, Porter plans to channel the capital into team expansion, technological development, and operational excellence— while continuing to build a greener logistics network aligned with national decarbonization efforts.

Uttam Digga, Co-Founder & CEO, Porter, said, “We are pleased to welcome Kedaara Capital and Wellington Management as our strategic partners. Since our inception, we have been committed to making urban logistics more efficient, intelligent, and inclusive — supporting MSMEs, empowering gig workers, and strengthening the communities we serve. With this, we look forward to accelerating our growth and building world-class, sustainable logistics solutions for businesses and communities across the globe."

We would also like to acknowledge our early investors who played a pivotal role in supporting Porter’s growth journey, and we are deeply grateful for their unwavering support, guidance, and belief in our vision throughout this transformative period."

Anant Gupta, Partner and Ashutosh Sardesai, Director at Kedaara Capital, said “We are excited to partner with Porter, the undisputed leader in India’s intra-city logistics space. In a largely unorganized and underserved market, Porter has built a tech-first, asset-light platform that delivers seamless, reliable logistics solutions at scale. Their strong execution, deep market understanding, and unwavering focus on customer and partner experience have created significant network advantages. We look forward to supporting Uttam, Pranav, and the entire Porter team as they continue to drive innovation, empower driver-partners, and expand their leadership across India’s intra-city logistics ecosystem.”

Prakhar Singh, Asia Sector Lead, Wellington Management, added, “We admire Porter’s resilience and execution-first mindset, which has helped them create their leadership position in the intra-city logistics space. What sets them apart is how deeply they’re embedded in the ecosystem—organizing a largely unstructured market from within, using technology to create meaningful impact for MSMEs and gig workers. We’re excited to partner with them as they scale their purpose.”

Shailesh Lakhani, MD, Peak XV, said, "When our journey started with Porter 10 years ago, the company was one amongst many in local goods transport. Uttam, Pranav and Vikas were clear on their vision and approach and why it was the right one. Today the company is the market leader, and more importantly has made the process of sending goods reliable, more efficient and transparent in cities in India and now abroad. In the journey, their name has become a verb and to say '’I am Portering it" means the goods will be there soon. We wish the company and their new partners all the best and thank the Company and the management for the partnership."

As Porter completes 10 years in business, the milestone signifies its resilience, consistent value delivery, and leadership in logistics across 22 cities in India and 2 countries. Guided by its purpose of “moving a billion dreams, one delivery at a time” Porter has now evolved into an ecosystem touching the lives of over 30 lakh customers and 3 lakh gig workers every month in India.

IndigoEdge acted as the exclusive financial advisor to Porter on this transaction.

About Porter:

Founded in 2014, Porter is a leading Goods Transport Agency (GTA) offering a wide range of intra-city and inter-city logistics solutions. Guided by its purpose of “moving a billion dreams, one delivery at a time” Porter has now evolved into an ecosystem touching the lives of over 30 lakh customers and 3 lakh gig workers every month across 22 cities in India. Backed by a team of 2,600 employees, the company has spent the last decade digitizing urban logistics infrastructure, fostering MSME collaborations, and accelerating India’s journey towards an organized and connected economy.

The company strives to improve the lives of gig-workers by providing them with financial access, affordability, and financial independence. Porter started operations in India as Smartshift Logistics Solutions Private Limited and has since expanded its footprint internationally, now operational in two countries. Porter has multiple segments within logistics—from on-demand trucks and two-wheelers to Packers & Movers, Porter Enterprise and intercity courier services. To learn more, visit www.porter.in

About Kedaara Capital

Kedaara is an operationally oriented private equity firm pursuing control and minority investment opportunities in India. It currently manages over $6 billion through investments in several market-leading businesses across a variety of sectors including financial services, consumer, pharma/healthcare, and technology/business services. Since its inception, Kedaara has remained singularly dedicated to its stated strategy of focusing on investments built through trust-based relationships with best-in-class entrepreneurs and management teams across secular fast-growing end markets. Kedaara combines the strengths of a well-networked, highly experienced local investing and operating team, with the experience of their strategic partner, Clayton, Dubilier & Rice, a global private equity firm.

About Private Investing at Wellington Management

Wellington’s Private Investing platform manages more than US$8.9bn in assets under management, and invests globally across venture capital, private credit, and private real estate in multiple stages and sectors (consumer, technology, healthcare, financial services, biotech, energy, industrials, climate tech, and real estate). The team accesses its deep research, networks, and resources across public and private markets to broaden perspectives which aim to benefit both investors and entrepreneurs.

For more than 20 years, Wellington has been investing in private markets, launching its first dedicated private capital fund in 2014. As one of the world’s largest independent investment management firms, Wellington serves as a trusted adviser to over 2,500 clients in more than 60 countries, managing US$1.3 trillion for pensions, endowments and foundations, insurers, family offices, fund sponsors, global wealth managers, and other clients.

Kedaara Capital Invests In EdTech K12 Techno Services

Kedaara Capital Invests In EdTech K12 Techno Services

The investment will support the company’s mission of providing high-quality education and technology services to the K-12 segment

K12 Techno Services Private Limited (“K12 Techno”), a leading education and technology services provider in India, today announced an investment from Kedaara Capital, for a significant minority stake in the Company. Through this investment, Kedaara seeks to support the company's vision of providing high-quality holistic education services to students and to schools in India by leveraging technology. This investment will also provide a partial exit to Peak XV Partners (formerly known as Sequoia Capital India).

K12 Techno is a technology and education services business providing full stack education, content, and technology services to more than 900 educational institutions across the country through a combination of own brand and a curriculum and technology platform. The company’s brand, content and technology are used by over 300,000 students in the K-12 space in India. The company has grown at a revenue CAGR of ~40% over last 5 years.

Kedaara will work closely with the Company’s professional management team led by its CEO, Mr. Jai Decosta, and other existing shareholders, namely, Peak XV Partners, Navneet Education Limited and Sofina Ventures, to augment its tech-enabled offering oriented towards world-class holistic education services.

Jai Decosta, CEO, K12 Techno Services said, “We are delighted to welcome Kedaara as a valued partner for the next phase of our growth, as it symbolizes a convergence of values and aspirations, and will help us continue to deliver on our mission to make an impact in the K-12 space in India. Our philosophy is to help nurture not just scholars, but also compassionate and capable individuals ready to shape a better world. We believe the congruence of technology with learning models built for India will help scale both holistic learning as well as improve outcomes.”

Sunish Sharma, Founder and Managing Partner and Anant Gupta, Managing Director of Kedaara Capital, said, "Education is the cornerstone of any society’s progress. India has over 260 million students enrolled in the K-12 segment, that aspire for accessible, high-quality holistic education. K12 Techno has done tremendous work to help schools bridge this gap by leveraging technology and process orientation. We are excited to partner with Jai and the K12 Techno team to help them accelerate their growth and further their goal of providing world-class holistic education services across India at affordable price points.”

As long-term shareholders and partners to Jai and team, we’ve had a ring side view of K12 Techno's journey. Over the last 10 years, they have built a strong platform and tech stack to deliver high quality services to schools and students across the country. With Kedaara coming in, we believe the company will be well-funded and strengthened in its mission to build an enduring business.” added GV Ravishankar, MD, Peak XV

Sunil Gala, Managing Director of Navneet Education said, “Our partnership with K12 Techno has been based on a shared commitment towards promulgating knowledge and high-quality education in India. We have had a fantastic experience working with Jai and team over the last 10+ years. We are delighted to welcome Kedaara as a partner towards realizing this vision and are confident that K12 Techno will continue to create significant value for all the stakeholders in the coming years."

About K12 Techno

Founded in 2010, K12 Techno Services Private Limited is a leading education services provider in India, offering a dynamic suite of academic support, services, and solutions to educational institutions. Upgraded teaching methodologies, blended with the effective use of technology signifies K12 Techno’s approach towards K-12 education in India. 

The company provides full-stack services to over 900 educational institutions across India, under multiple brands. The company’s brand, content and technology are used by over 300,000 students in the K-12 space.

For more information about K12 Techno, please visit www.k12technoservices.com

Market Reports

Market Report & Surveys
IndianWeb2.com © all rights reserved