CCI Clears Wellington Management’s Stake Acquisition In Porter’s Parent Company
CCI Clears Wellington Management’s Stake Acquisition In Porter’s Parent Company
US-based Wellington Management receives CCI approval to acquire a stake in SmartShift Logistics Solution, the parent company of logistics unicorn Porter.
The Competition Commission of India (CCI) has granted approval to Wellington Hadley Harbor AIV II Master Investors (Cayman) III, an affiliate of Wellington Management, to acquire a minority stake in SmartShift Logistics Solution Private Limited, the parent entity of the on-demand logistics platform Porter.
The approval was granted under the green channel route, as the transaction was deemed not to cause any appreciable adverse effect on competition in India.
As part of the deal, Wellington Management will acquire shares from existing shareholders, Peak XV Partners Investments IV and Lightrock Growth Fund I S.A., and will also subscribe to Series F compulsorily convertible preference shares under a share subscription agreement executed with Porter and its co-founders, Pranav Goel and Uttam Digga.
This development follows Porter's recent $200 million Series F funding round, co-led by Wellington Management and Kedaara Capital, which valued the company at over $1 billion, positioning Porter as India’s third unicorn of 2025, after Netradyne and Juspay.
With backing from marquee investors including Tiger Global, Peak XV Partners, and Lightrock, Porter has raised over $150 million to date. The company has experienced significant growth, with internal valuation doubling to $1 billion, even as the secondary sale in the funding round was executed at a premium.
According to its latest financials, Porter reported a revenue of ₹2,733.8 crore and a reduction in losses to ₹95.7 crore for the financial year ending March 31, 2024. The fresh investment from Wellington Management is expected to strengthen Porter’s market position and accelerate its expansion plans across India’s logistics ecosystem.
