Swvl Holdings, a worldwide supplier of innovative tech-enabled mass transportation solutions, stated today that it is adopting a portfolio optimization strategy to increase efficiency and lower central costs in order to speed its road to profitability and become cash flow positive by 2023. Swvl aims to cut its workforce by 32 percent, according to the company’s official press statement.
Roles that have been automated as a result of investments in the Company’s engineering, product, and support operations will be targeted for reductions. Swvl intends to give monetary, non-monetary, and job placement assistance to assist specific employees in transitioning to new responsibilities.
Swvl’s Transport as a Service (TaaS) and Software as a Service (SaaS) businesses are both rapidly growing. Swvl’s TaaS business provides technology-enabled transportation for corporates, schools, universities, industrial facilities, airlines, and other institutional clients via its asset-light marketplace. They presently have over 500 active accounts on four continents, with monthly revenue of over $5 million.
The following items will be included in the Company’s portfolio optimization program:
Continued organic and inorganic expansion of the TaaS and SaaS businesses in all regions of operations, including Germany, Spain, Italy, Switzerland, Turkey, Japan, Argentina, Saudi Arabia, the United Arab Emirates, Jordan, Egypt, Kenya, and Pakistan;
The Company’s Operation to Consumer (B2C) business will be focused on Egypt and Pakistan, which now contribute the most revenue and profitability to the company.
B2C route networks, as well as manpower and operational expenditures, are being optimized in specific cities.
Investment in the Company’s proprietary technological stack will be maintained.
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