Heads are rolling at Swvl (SWVL) as the company announces a 32% reduction to its workforce in order to achieve cash flow positive status by 2023. The ride-hailing startup will target jobs that have become automated as a result of investments in engineering, product, and support… now that’s tough to hear, we love technology but not like this.
Swvl, which has offices in Cairo and Dubai, plans to expand its TaaS and SaaS businesses, focus on its presence in Egypt and Pakistan, optimize of its business-to-consumer route networks, and continue its investment in its proprietary technology stack.
Last July, the company stated that it would go public through a $1.5b SPAC merger, and it did so at the end of March 2022, with equities currently trading at 50% of their valuation upon going public.
Why it matters
Swvl is the first in the region to declare a significant reduction in its employment but it is far from the first globally, with other notable companies following suit, like ride-hailing major Uber (UBER), which announced a 3,700-job reduction, representing 14% of its workforce.
