Business: Bengaluru-based on-demand logistics platform Porter announced the layoffs on Tuesday. The company has said that it has had to take the decision to lay off employees to rationalize its costs. However, the company has not officially disclosed how many employees it has laid off. According to sources having knowledge of the matter, the company has cut about 300-350 posts before starting the exercise of making itself a public company.

In a statement on Tuesday, Porter said: “We are undergoing a transformation that required a massive restructuring. The aim is to create a stronger, more agile and financially resilient organization for the path forward. During this journey we have had to make some difficult decisions that have impacted our employees. This was not an easy decision and was made after careful consideration.”

Media reports in September said that Porter is in the final stages of raising funding of $100-110 million from existing and new investors. In this way, the total investment in the company will reach around 30 to 31 crore dollars.

In May, Porter had raised $200 million from private equity firms Kedra Capital and Wellington Management. For this, the valuation of the company was estimated at $ 1.2 billion. Founded in 2014 by Pranav Goyal, Uttam Digga and Vikas Chaudhary, Porter provides intra-city logistics and courier services. Porter’s operating revenue grew 57% to Rs 4,306 crore in FY2025 and it turned profitable. The company managed to achieve a net profit of Rs 55 crore this year as against a loss of Rs 96 crore for FY 2024.