India’s Competition Commission on Tuesday cleared a proposal from private equity firm Kedaara Capital and acquired a stake in SmartShift Logistics Solutions, the parent company of on-demand logistics-turned-unicorn porter.
Mumbai-based Kedara Capital acquires shares through two affiliates, Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF.
“CCI, in collaboration with Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF, is endorsing the acquisition of certain shares of SmartShift Logistics Solutions Pvt Ltd.,” Competitive Watchdog said in a post on X.
Porter is primarily engaged in business activities, including providing logistics services, packaging, and mobile services.
In May this year, Porter announced that it had raised $200 million for $1.2 billion in Series Funding Round, co-led by Kedaara Capital and Wellington Management.
Meanwhile, Porter’s early investor venture capital firm Peak XV Partners (formerly Sequoia Capital India & Sea) and Kae Capital have sold their shares in the company.
Following the funding round, Porter became the third unicorn in 2025 after Netradyne and Juspay.
Porter competes with Shadowfax, Pidge, Cityxfer, among others.
Trades above a certain threshold require regulatory approval. This maintains the tab on unfair business practices and encourages fair competition in the market.
