Egypt-born and Dubai-headquartered mobility startup SWVL is planning to lay off 32% of its workforce it said in a statement today.
The company’s LinkedIn profile shows it has over 1,330 employees. Letting go of over 30% of its workforce means that around 400 people will lose their jobs at the mobility company.
Tech companies, private and public, have faced a reckoning in the past few months with their valuations taking a beating. The effect of an economic downturn has also affected their finances leading them to cut costs; the top of the list is letting go of employees.
This downsizing from the Dubai-based startup adds to the long list of global cross-stage layoffs in what has been a rough month for tech employees. Over 15,000 tech workers have lost their jobs in the U.S. alone according to reports. Companies such as Klarna, Getir, Gorillas and Bolt (the payments company) have dismissed portions of their workforce while the likes of Snap, Twitter and Instacart have slowed down hiring entirely.
It’s been a very busy 18 months for SWVL leading up to this news. This March, the company went public via a SPAC merger with U.S. women-led blank check company Queen’s Gambit Growth Capital. It listed at $10 per share and targeted a $1.5 billion valuation but has traded between $4 and $8 for the most part. Its current valuation hovers around $500-$600 million.
Mass transit and shared mobility provider Swvl went public today in a landmark moment for Egyptian and Middle Eastern tech...
Read Full Story: https://techcrunch.com/2022/05/30/swvl-plans-to-lay-off-32-of-its-team-two-months-after-going-public/
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