Porter axes hundreds as layoffs hit before IPO bid
Porter, an on-demand logistics platform, has eliminated positions affecting between 300 and 350 workers as the company works to cut expenses and prepare for a potential initial public offering. The firm characterized this workforce reduction as a singular restructuring effort designed to create a more financially resilient organization, though officials declined to confirm the precise number of departures.
The job cuts arrive as Porter nears completion of a funding round expected to bring in $100 million to $110 million from current backers and new participants, which would push total capital raised to approximately $300 million to $310 million. During May, the company secured $200 million through investments led by Kedaara Capital and Wellington Management, establishing a valuation near $1.2 billion.
Established in 2014 by Pranav Goel, Uttam Digga and Vikas Choudhary, Porter delivers trucking services, courier operations, moving assistance and corporate logistics solutions. Financial results for fiscal 2025 showed operating revenue climbing 57 percent to 4,306 crore rupees, while the business recorded a 55 crore rupee profit after posting a 96 crore rupee loss during the prior year.
