https://www.reuters.com/business/us-logistics-startup-flexport-lay-off-20-its-workforce-information-2024-01-26/

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US logistics startup Flexport to lay off 20% of its workforce - The
Information

Reuters
January 26, 20248:12 PM UTCUpdated ago

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Jan 26 (Reuters) - U.S. logistics startup Flexport is planning to lay
off about 20% of its workforce in the coming weeks, The Information
reported on Friday citing people familiar with the matter.
Flexport did not immediately respond to a Reuters request for a
comment.
Reuters had reported in October Flexport was planning to lay off up
to 30% of its workforce by the end of the month following a CEO
change.
Flexport is one of the most valuable U.S. logistics startups, with
$2.3 billion in funding so far and an $8 billion valuation.
The company acquired Shopify Logistics under former CEO Clark, adding
business-to-business distribution and last-mile delivery to the
company's portfolio of services, but raising questions on
profitability and cost.

Reporting by Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar

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