Friday, January 27, 2023

SWVL reduces its headcount by 50% six months after axing 400+ staff - TechCrunch

Last updated Monday, November 28, 2022 11:05 ET , Source: TopWireNews

Cairo-born and Dubai-based mass transit and shared mobility services provider SWVL has carried out its second round of layoffs affecting 50% of its remaining headcount, according to a statement shared by the company.
The news is coming six months after SWVL laid off 32% of its workforce in a “portfolio optimization program” effort geared towards achieving positive cash flow next year. Over 400 employees were affected at the time, leaving more than 900 behind at the mobility company, based on data from its LinkedIn profile. But with the second round of layoffs, the number of employees at SWVL would have reduced to a little over 450.
Reports about a second round of layoffs at SWVL had been circulating for over two weeks as axed employees took to LinkedIn to share that they were open to new job opportunities. Local media said the layoffs affected teams across multiple departments including tech and HR in Dubai and Pakistan. Another report has it that SWVL completely shuttered its Pakistan operations entirely two weeks ago
Although SWVL, in its statement, didn’t confirm these reports, it did not that it was evaluating a “potential sale, scale back or discontinuation of operations” of its smaller markets. It’s unclear what markets the Dubai-based mobility company is referring to but several sources have referred to Pakistan as one of its larger markets. As of June, SWVL, in its financial statement to investors, said it was present in 20 markets across 4 continents: the UAE,...

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