New Delhi: Bengaluru-based on-demand logistics startup Porter has reportedly begun laying off staff as part of a cost-cutting move. While the company did not reveal how many employees are affected, sources quoted by The Economic Times suggest that around 300 to 350 workers may have been asked to leave.
Porter confirmed the development in an official statement on Tuesday, explaining that the company is currently going through a transition phase. The company said: “We’re in the midst of a transition that required a one-time restructuring, aimed at building a stronger, more agile, and financially resilient organisation for the road ahead. As part of this journey, we’ve had to make some difficult decisions that affect our people, choices that were not easy and were made after careful consideration.”
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The latest layoffs are said to affect employees across different teams, as Porter works to merge business verticals and simplify its operations. Earlier in September, The Economic Times reported that the company was close to securing 100–110 million dollars in fresh funding from both existing and new investors. If finalised, this would raise Porter’s total funding to around 300–310 million dollars under the extended round.
Earlier in May, Porter had raised 200 million dollars in a funding round led by private equity firms Kedaara Capital and Wellington Management, valuing the company at around 1.2 billion dollars.
In FY25, Porter saw a strong improvement in its business, with operating revenue rising 57 per cent to Rs 4,306 crore. The company also turned profitable during the year, reporting a net profit of Rs 55 crore, compared to a loss of Rs 96 crore in FY24.
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