Logistics Unicorn Porter Gets CCI Nod for Kedaara Capital’s Investment

The Competition Commission of India (CCI) has cleared Kedaara Capital’s proposal to invest in hyperlocal logistics start-up ‘Porter’, which has entered the unicorn club about two month ago with its latest funding round.

The private equity firm will acquire a stake through its two affiliates – Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF.

“CCI approves the acquisition of a certain stake in SmartShift Logistics Solutions Private Limited jointly by Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF,” the competition watchdog wrote in a post on X (formerly Twitter). It stated that the details order will be issued later.

Founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, Porter offers on-demand light commercial vehicles to support businesses' last-mile delivery operations. To diversify its revenue streams and expand its offerings, the company has introduced services like intra-city two-wheeler courier deliveries.

"The idea behind Porter was to solve the existing market gap between demand and supply by creating a tech-enabled liquid marketplace to drive better vehicle utilization and service levels for our users," Pranav Goel, chief executive officer of Porter had said in 2021.

The start-up directly competes with Shadowfax, Pidge, cityXfer among other logistic platforms.

Inside Porter's Fundraise

The regulator’s nod came after Porter closed a $200 million Series F funding round in May 2025. This fundraise was co-led by Kedaara Capital and Wellington Managament, along with participation from existing investor like Vitruvian Partners.

The $200 million fundraising included both primary capital infusion and secondary share purchases from existing participants. At that time, Porter’s valuation reached around $1.2 billion, making it the third Indian logistics unicorn in 2025.

It has planned to use the fresh capital to expand operations across more cities in India. Besides this, it also aims to invest in technology, grow its workforce, and further its goal of building a sustainable and tech-driven logistics network.

Since its inception, the start-up has bagged about $132 million in total funding. Some prominent investors, including Peak XV, Tiger Global, Lightrock, and Kae Capital back the logistics platform.

Porter significantly reduced its net loss by 45% in FY24, bringing it down to ₹95.7 crore from ₹174.6 crore in the previous year. During the same period, its operating revenue surged 56% to ₹2,733.7 crore, up from ₹1,737.4 crore in FY23.