The Competition Commission of India (CCI) has cleared Kedaara Capital’s investment in hyperlocal logistics startup Porter, marking another key milestone in the private equity firm’s logistics and technology portfolio.
The investment will be routed through Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF, which will jointly acquire a stake in the company. While the exact shareholding details were not disclosed, the CCI confirmed that a comprehensive order will be issued in due course.
This regulatory nod follows the successful closure of Porter’s $200 million Series F round in May 2025, co-led by Kedaara Capital and Wellington Management, with continued participation from existing investor Vitruvian Partners. The round involved both primary capital infusion and secondary share purchases, valuing the company at around $1.2 billion, cementing its position as India’s third logistics unicorn in 2025—following Netradyne and Juspay.
Founded in 2014 by Pranav Goel, Vikas Chaudhary, and Uttam Digga, Porter has built a stronghold in the intra-city transport and last-mile delivery market. Its platform offers features such as distance-based allocation, GPS tracking, and real-time notifications, tailored to enhance both customer experience and partner-driver efficiency.
The fresh capital will be used to deepen Porter’s footprint across Indian cities, invest in new-age technologies, expand its team, and continue building a sustainable, tech-enabled logistics network.
Over the years, Porter has raised approximately $132 million from top-tier investors including Tiger Global, Peak XV, Lightrock, and Kae Capital. The startup competes in a fast-growing sector alongside players like Delhivery, Shadowfax, Rapido, Uber, and Pidge.
Financially, Porter has made notable progress—cutting its net loss by 45% to INR 95.7 crore in FY24, from INR 174.6 crore in the previous fiscal. At the same time, it reported a 56% jump in operating revenue, touching INR 2,733.7 crore in FY24, up from INR 1,737.4 crore in FY23.
Kedaara’s latest bet on Porter underscores its strategy to back high-growth, technology-driven businesses within India’s evolving logistics ecosystem.
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