The announcement comes just days after the company announced a 32% reduction in the global workforce 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.”
Swvl Halts its Intra city transport service in Pakistan
Though, on the other side, Swvl Travel, which specializes in city-to-city transportation, and Swvl Business, which specializes in business-to-business rides, will be operational as usual. Furthermore, the company plans to provide monetary, non-monetary, and job placement support to help with the transition of certain employees to their new roles. The company would currently focus on the B2C business in Egypt and Pakistan, which are “currently the company’s biggest B2C revenue generation countries.” Swvl began trading on the NASDAQ stock exchange in the United States back in March. It was estimated to be worth $1.5 billion at the time, and it was hailed as the first Middle Eastern corporation to establish itself from East to West. However, unfortunately. things are changing now. In a statement, the CEO of Swvl, Mostafa Kandil said,
