Bengaluru/Mumbai, Feb. 11 -- Third-party logistics startup Ecom Express has laid off at least 500 employees and put on hold its plans for an initial public offering of its shares as it attempts to trim costs, two people familiar with the matter told Mint. The company's expenses increased slightly to Rs.2,921.5 crore in FY24 from Rs.2,902.8 crore in FY23.

"Over 500 people are expected to be laid off over the week and the company has already closed more than 3,000 pin codes, 1,000 DCs (delivery centres) and 20 major hubs that are in the process of closing," one of them said. "The HR has called individuals, asking to resign immediately."

Ecom Express had about 15,600 employees and associates, and delivered goods to more than 27,000 pin cod...