Porter Lays Off Over 350 Employees
Logistics startup Porter has laid off over 350 employees in a restructuring exercise, sources told Inc42, months after raising $200 Mn at a unicorn valuation.
The exercise impacted employees across teams and was a result of Porter’s decision to merge its truck and two-wheeler business verticals.
The layoffs impacted at least 18% of the startup’s total workforce, with Porter having about 2,000 employees on its payroll in September, according to EPFO data.
Months after raising $200 Mn at a unicorn valuation, logistics startup Porter has laid off over 350 employees in a restructuring exercise, sources told Inc42.
Author's summary: Porter lays off 350 employees in restructuring.