The private equity firm Kedaara Capital’s plan to purchase stock in SmartShift Logistics Solutions, the parent company of on-demand logistics turned unicorn Porter, was approved by the Competition Commission of India (CCI) on Tuesday. Through its two affiliates, Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF, Mumbai-based Kedaara Capital is purchasing stock in Porter. “CCI authorizes Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF to jointly acquire a portion of SmartShift Logistics Solutions Pvt Ltd,” the CCI stated.
Porter is primarily engaged in business activities, including the provision of logistics services, packing and moving services. In May this year, Porter announced that it raised $200 million in a Series F funding round co-led by Kedaara Capital and Wellington Management at a valuation of USD 1.2 billion.
Meanwhile, Porter’s early investors venture capital firm Peak XV Partners (formerly Sequoia Capital India & SEA) and Kae Capital sold their stakes in the company. Following the fundraising round, Porter became the third unicorn after Netradyne and Juspay in 2025. Porter competes with the likes of Shadowfax, Pidge, and cityXfer, among others. The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.