India, Nov. 4 -- 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.

The exercise, which impacted employees across teams, was a result of Porter's decision to merge its truck and two-wheeler business verticals, the sources said, adding that the restructuring exercise was aimed at streamlining operations and eliminating overlaps between the two verticals.

The layoffs impacted at least 18% of the startup's total workforce. According to EPFO data, Porter had about 2,000 employees on its payroll in September.

Porter, in a statement, confirmed the development without disclosing the number of employees impacted by the exercise. "At Port...