Swvl, the Egypt-born, Dubai-based startup that entered the Pakistani mass transit market in 2019, has announced it is suspending its inter-city services in Karachi, Lahore, Islamabad and Faisalabad starting from Friday June 3 “in light of the global economic downturn”.
Swvl Travel, which is tailored for city-to-city rides, and Swvl Business, which provides business-to-business rides, will continue to operate as normal.
The news comes just days after the company announced it was going to reduce its global headcount by approximately 32% as part of a "portfolio optimization program to enhance efficiency and reduce central costs to accelerate its path to profitability and turn cash flow positive in 2023."
It said such reductions will focus on roles which have been automated by investments in the company’s engineering and product and support functions, adding that Swvl plans to provide monetary, non-monetary and job placement support to help with the transition of certain of its employees to new roles.
In the same announcement it had pointed out this programme included focusing on the Business to Consumer (B2C) business on Egypt and Pakistan, “currently the company’s highest B2C revenue contribution and profitability markets”.
It had also said that its transport as a Service business, where its provides technology-enabled transportation, and Software as a Service business, which licenses its proprietary technology, are both growing rapidly. They have now collectively crossed...
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