Wellington Management gets CCI nod to acquire stake in Porter

Fair trade regulator CCI has cleared US-based Wellington Management's proposal to acquire a stake in SmartShift Logistics Solution, the parent company of on-demand logistics-turned-unicorn Porter.

"The combination is being notified under the green channel route in consonance with Section 6(4) of the Competition Act, 2002 (as amended) read with Rule 3 of the Competition (Criteria of Combination) Rules, 2024," the Competition Commission of India (CCI) said in a notice on Tuesday.

Under the green channel route, a transaction which does not pose any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the competition watchdog.

Investment management firm Wellington Management, through its affiliate Wellington Hadley Harbor AIV II Master Investors (Cayman) III, is acquiring a stake in SmartShift Logistics Solution.

The transaction relates to the acquisition of shares and control by the acquirer in SmartShift Logistics Solution from two existing shareholders—Peak XV Partners Investments IV and Lightrock Growth Fund I S A, SICAV-RAIF—under two separate share purchase agreements signed on May 2.

In addition, the acquirer will subscribe to Series F compulsorily convertible preference shares (CCPS) under a share subscription agreement entered into with the company and its co-founders, Pranav Goel and Uttam Digga.

The parties have also executed two separate agreements, both signed on May 2, involving the company, Goel, Digga and other investors to govern rights and obligations following the completion of the deal.

Porter is primarily engaged in the business activities include provision of logistics services, packing and moving services.

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"The parties' activities (including those of their group companies and affiliates) do not exhibit any horizontal, vertical, or complementary overlaps in any plausible relevant markets in India," a notice submitted to the CCI said.

Earlier this month, Porter announced that it has raised $200 million in a Series F funding round co-led by Mumbai-based Kedaara Capital and Wellington Management.

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.