Khaitan & Co advised and assisted Kedaara Capital (through its Acquirers) in procuring unconditional approval from the Competition Commission of India for its financial investment in Porter. The transaction involved a minority investment of sub 10% through a mix of primary and secondary by the Kedaara Group in Porter for a total consideration of USD ~112.70 million.
The growth-oriented investment in Porter aligns with the Kedaara Group’s strategic focus on building a diversified portfolio of scalable businesses. With India’s logistics sector showing strong momentum, the investment will help Porter’s operations, enhance customer service and support future initiatives. The transaction involved the first detailed assessment of the on-demand road transport segment in India which remains largely unorganised.
The Acquirers were (i) Kedaara Sapphire Holding, a category II alternative investment fund registered with the International Financial Services Centres Authority; and (ii) Kedaara Capital Fund IV AIF, an alternative investment fund registered with the Securities and Exchange Board of India.
The Acquirers are investment vehicles belonging to the Kedaara Group which conducts private equity operations specializing in performance-focused minority investments across consumer retail, financial services, tech services, and healthcare, in India and globally.
The core team consisted of Anisha Chand (Partner), Alisha Mehra (Principal Associate), Rishabh Vohra (Senior Associate), and Ritika Ghosh (Associate).