Logistics unicorn Porter has laid off over 350 employees, nearly 18% of its workforce, as part of a restructuring exercise aimed at consolidating operations and sharpening its path to profitability.
The workforce reduction follows Porter’s decision to merge its truck and two-wheeler business verticals to eliminate operational overlap.
“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,” a company spokesperson said.
The restructuring comes ahead of an anticipated initial public offering (IPO) within the next 12-15 months. The logistics platform is also reportedly in advanced talks to raise $100-110 million in an extended Series F round, which would take its total Series F fundraise to over $300 million.
The Bengaluru-headquartered company posted a consolidated net profit of `55.2 crore in FY25, reversing losses of `95.7 crore in FY24. Its operating revenue surged 58% year-on-year to `4,306.2 crore during the period.
The spokesperson said, “At Porter, we’re deeply committed to building a sustainable, future-ready business that continues to create value for our customers, partners, and employees.”
“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. We are providing comprehensive support to help our people through this period of change, including but not limited to severance pay, extended medical coverage, career transition assistance, and others,” the spokesperson added.