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Bengaluru-based on-demand logistics platform Porter announced on Tuesday that it has laid off staff to reduce costs.
While the company did not disclose the exact number, sources told that around 300–350 roles were cut as Porter prepares for a potential public listing.
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"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," said porter.
Media reports in September indicated that Porter was close to securing $100–110 million in funding from both existing and new investors. This would bring the company’s total investment to $300–310 million as part of an extended funding round.
In May, Porter raised $200 million in a funding round led by Kedaara Capital and Wellington Management, giving the company a valuation of $1.2 billion.
Founded in 2014 by Pranav Goel, Uttam Digga, and Vikas Choudhary, Porter offers intra-city logistics and courier services, including on-demand trucking, packing and moving, and enterprise logistics.
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In FY25, Porter’s operating revenue rose 57% to ₹4,306 crore, and the company turned profitable, reporting a net profit of ₹55 crore compared with a loss of ₹96 crore in FY24.
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