Logistics unicorn Porter lays off 300-350 employees

On-demand logistics platform Porter has laid off around 300 to 350 employees as part of its cost rationalization efforts. 

The company confirmed the development to the media but did not disclose the exact number of employees affected by the layoffs.

The layoffs come as Porter explores an initial public offering (IPO) and works to streamline operations ahead of potential market entry. 

Inc42 reported the development first.

Porter provides B2C and B2B logistics, including goods movement, packers & movers services, and intercity courier and freight operations. Founded in 2014, the company has grown to a large scale and has raised significant funding rounds. The job cuts reportedly affect teams across the business as the company merges verticals and reduces redundancies. 

The layoff comes months after Porter’s $200 million Series F round. It has raised over $332 million to date. Soon after the unicorn round, the firm also provided an exit to its early backer Peak XV, which generated returns of over Rs 1,200 crore on an investment of Rs 116 crore.

As per TheKredible, Porter revenue from operations grew to Rs 4,300 crore in FY25 from Rs 2,734 crore in FY24. The firm reported a profit after tax (PAT) of Rs 54 crore in the last fiscal year. During FY24, the Bengaluru-based firm cut down its losses by 45% to Rs 95.7 crore.