The Competition Commission of India (CCI) has granted clearance for Kedaara Capital to acquire a minority stake in SmartShift Logistics Solutions, the parent company of intra‑city logistics unicorn Porter. The investment is being made through Kedaara’s affiliates—Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF—and comes on the heels of Porter’s $200 million Series F round in May 2025, which valued the company at $1.2 billion.
In its earlier round, Porter attracted global attention and became the third Indian unicorn of 2025, following Netradyne and Juspay. This fresh capital infusion, a mix of primary funding and secondary stake sale by early investors, enabled Peak XV Partners (formerly Sequoia India) and Kae Capital to exit, generating returns of over 11× for the former.
Founded in 2014 by Pranav Goel, Uttam Digga and Vikas Choudhary, Porter has pioneered tech‑enabled, asset‑light logistics across 22 Indian cities, serving MSMEs, gig workers and urban households. The company plans to deploy the Series F capital to enhance its technology platform, deepen its footprint in smaller Indian cities, and build greener, more equitable delivery systems.
The CCI’s nod, received on 8 July 2025, was necessary under India’s Competition Act as the transaction surpassed thresholds triggering scrutiny, even though the investment is a minority stake. The regulator’s assessment ensures the deal will not undermining competition among key intra‑city logistics players such as Shadowfax, Pidge and cityXfer.
For Kedaara Capital, this marks a strategic entry into the logistics sector, building on its recent funding of fintech firm Juspay. The firm praised Porter’s strong network effects and emphasis on reliable, climate‑conscious service models. Porter’s CEO Uttam Digga highlighted the alignment, stating that the new investment will support over one million gig workers while reinforcing eco‑friendly, efficient urban supply chains.
The capital is expected to empower Porter to roll out cleaner vehicle fleets, optimise route efficiency, and invest in digital tools that reduce carbon emissions—an imperative as Indian cities aim for net‑zero carbon futures.
While CCI scrutiny assures market fairness, the investment also brings Porter closer to its twin goals of scale and sustainability. As Porter embarks on deeper forays into India’s tier‑II and tier‑III cities, this strategic partnership signals a significant milestone in building equitable, low‑emission urban logistics networks.
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