The Competition Commission of India (CCI) on Tuesday cleared a proposal by private equity firm Kedaara Capital to acquire a stake in SmartShift Logistics Solutions, the parent company of on-demand logistics-turned-unicorn Porter.
Mumbai-based Kedaara Capital is acquiring a stake through its two affiliates Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF in Porter.
“CCI approves the acquisition of a certain stake in SmartShift Logistics Solutions Pvt Ltd jointly by Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF,” the competition watchdog said in a post on X.
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.