The mass mobility startup SWVL, which was founded in Egypt and is based in the UAE, is preparing for drastic monetary austerity measures and organizational restructuring.
Over the past few weeks, it has initiated significant layoffs across some of its markets, and more staff members are anticipated to leave the company in the near future.
The majority of these layoffs affect the SWVL team in the nation where it was founded.
Former employees are requesting employment chances on social media, sending their CVs to WhatsApp groups, and organizing virtual events to assist link impacted workers with prospective companies.
The recent round of layoffs apparently also affected the company’s personnel in Pakistan and Dubai in addition to Egypt.
An ex-employee of SWVL who wished to remain anonymous claims that staff members from numerous departments, including the tech and HR teams, are among those being let go.
“Up until a few days ago and before we were notified about the cuts, all departments were functioning normally. So far, no one knows what will happen next,” they said.
The NASDAQ-listed corporation has not yet disclosed the precise number of affected employees.
This is SWVL’s second round of layoffs; the company previously announced plans to eliminate 32 percent of its workforce in an effort to “accelerate its path to profitability to turn cash flow positive in 2023.”
To read our blog on “In Pakistan, Swvl has put a hold on intra-city rides,” click here.