Porter lays off 350 staff despite 58% revenue surge and return to profit

Porter has laid off more than 350 employees as part of a restructuring exercise aimed at consolidating its operations and improving efficiency, Inc42 reported. The move comes only months after the logistics startup raised $200 million at a unicorn valuation.

The layoffs, which affect about 18% of Porter’s total workforce, follow the company’s decision to merge its truck and two-wheeler business divisions. Sources told Inc42 that the restructuring is designed to streamline operations and eliminate overlap between the two verticals.

In a statement confirming the job cuts, Porter said it was undertaking a “one-time restructuring” to build a more agile and financially resilient organisation. “We’re deeply committed to building a sustainable, future-ready business that continues to create value for our customers, partners, and employees,” the company said.

Porter added that it would provide affected employees with severance pay, extended medical coverage, and career transition support as part of a “comprehensive assistance” package.

Founded in 2014 by Pranav Goel, Uttam Digga and Vikas Choudhary, Porter offers logistics services across both business-to-consumer and enterprise segments. Its offerings include on-demand goods transport, relocation services, and intercity courier solutions. The company works with more than 300,000 driver partners and serves over 2 million small and medium-sized enterprise (SME) customers. Porter aims to expand its SME base to over 10 million and its driver network to 1.2 million by 2030.

The layoffs come as Porter pursues new funding and prepares for a potential listing. The company is reportedly in talks to raise an additional $100–110 million in an extended Series F round, which would bring its total Series F funding to over $300 million. The round follows its $200 million fundraise in May 2025 led by Kedaara Capital and Wellington Management, during which Peak XV Partners exited with a payout of roughly ₹1,200 crore.

Financially, Porter has shown marked improvement. It reported a consolidated net profit of ₹55.2 crore in FY25, reversing a loss of ₹95.7 crore in the previous year. Operating revenue surged nearly 58% year-on-year to ₹4,306.2 crore.

The restructuring could position Porter for stronger margins and operational discipline ahead of its anticipated IPO within the next 12–15 months. However, the job cuts highlight ongoing pressure within India’s logistics and gig economy sectors to balance growth with profitability as competition intensifies.