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Ravi S
We builds future • 16h
CCI approves Kedaara Capital's stake acquisition in logistics unicorn Porter 🦄 The Competition Commission of India (CCI) has approved Kedaara Capital's proposal to acquire a stake in Porter, a hyperlocal logistics startup. The antitrust regulator gave the green light for the joint acquisition of shares in SmartShift Logistics Solutions Pvt. Ltd.—Porter’s parent company—by two Kedaara-affiliated investment entities: Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF. This regulatory approval follows Porter’s recent $200 million Series F funding round, which closed in May. The round was co-led by Kedaara Capital and Wellington Management, with continued backing from Vitruvian Partners. The funding included both primary capital injection and secondary share sales by early investors like Peak XV Partners and Kae Capital. The deal valued Porter at around $1.2 billion, officially making it the third Indian logistics unicorn in 2024, after Netradyne and Juspay. Founded in 2014 by Pranav Goel, Vikas Chaudhary, and Uttam Digga, Porter offers intra-city logistics and last-mile delivery services throughout India. Its digital freight platform serves both businesses and individual users, featuring real-time tracking, distance-based pricing, proactive notifications, and support tools for its driver network. In India’s growing hyperlocal and short-haul logistics market, Porter competes with players like Shadowfax, Delhivery, Rapido, Uber, and Pidge. To date, the company has raised about $132 million from investors including Tiger Global, Peak XV, Lightrock, and Kae Capital. On the financial front, Porter made significant strides in FY24 by reducing its net loss by 45% to ₹95.7 crore, down from ₹174.6 crore in FY23. Its operating revenue also surged by 56% year-on-year, reaching ₹2,733.7 crore in FY24, up from ₹1,737.4 crore the previous year.
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