Wellington Management Secures Stake in Logistics Unicorn Porter
Wellington Management has acquired a stake in SmartShift Logistics Solution, Porter's parent company. The investment was approved via the CCI's green channel, posing no competition risk. This marks a significant step in Porter's growth, following a USD 200 million Series F funding round, making it a unicorn.
- Country:
- India
US-based Wellington Management has successfully acquired a stake in SmartShift Logistics Solution, the parent company of on-demand logistics unicorn Porter. The acquisition received clearance from the Fair Trade Regulator CCI under its green channel scheme, aligning with provisions of the Competition Act, 2002 and related rules.
According to the Competition Commission of India (CCI), this route facilitates transaction approval without competition risks. Wellington Management, through Wellington Hadley Harbor AIV II Master Investors (Cayman) III, will acquire shares from shareholders Peak XV Partners and Lightrock Growth Fund, while subscribing to new preference shares.
Porter, primarily offering logistics, packing, and moving services, recently raised USD 200 million in a Series F round, which bolstered its unicorn status. This development underscores Porter's growth in the competitive logistics market, where it faces challenges from companies like Shadowfax, Pidge, and cityXfer.
(With inputs from agencies.)
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