Months after raising $200 Mn at a unicorn valuation, logistics startup Porter has laid off over 350 employees in a restructuring exercise, sources told Inc42.
The exercise, which impacted employees across teams, was a result of Porter’s decision to merge its truck and two-wheeler business verticals, the sources said, adding that the restructuring exercise was aimed at streamlining operations and eliminating overlaps between the two verticals.
The layoffs impacted at least 18% of the startup’s total workforce. According to EPFO data, Porter had about 2,000 employees on its payroll in September.
Porter, in a statement, confirmed the development without disclosing the number of employees impacted by the exercise. “At Porter, we’re deeply committed to building a sustainable, future-ready business that continues to create value for our customers, partners, and employees. 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,” the statement said.
The statement added that Porter is providing “comprehensive support to help our people”, including but not limited to severance pay, extended medical coverage, career transition assistance, and others.
Founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, Porter offers B2C and B2B logistic services, including enterprise-level goods movements and management, packers and movers service for relocation, and intercity courier services.
The startup claims to work with over 3 Lakh driver partners and have over 20 Lakh SME customers. It is looking to expand its SME pool to 1 Cr+ by 2030, and increase the number of driver partners to 12 Lakh.
The latest development comes weeks after it was reported that Porter was in talks to raise an additional $100 Mn-$110 Mn in its extended Series F round, which would take its total funding under the round to $300 Mn-$310 Mn.
The fresh infusion, being raised at a valuation of around $1.1 Bn to $1.2 Bn, follows its earlier $200 Mn Series F round in May 2025, led by Kedaara Capital and Wellington Management, where Peak XV Partners fully exited with a payout of about INR 1,200 Cr.
Porter is currently working on improving its financial performance ahead of a potential IPO in the next 12–15 months. It turned profitable in FY25, posting a consolidated net profit of INR 55.2 Cr as against a loss of INR 95.7 Cr in the previous fiscal year. Its operating revenue zoomed nearly 58% to INR 4,306.2 Cr during the year from INR 2,733.7 Cr in FY24.
Source – https://inc42.com/buzz/exclusive-porter-lays-off-over-350-employees/