{"id":546849,"date":"2022-05-31T04:00:27","date_gmt":"2022-05-31T04:00:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/swvl-slashes-headcount-as-startups-around-the-world-gird-for-nuclear-winter\/"},"modified":"2022-05-31T04:00:27","modified_gmt":"2022-05-31T04:00:27","slug":"swvl-slashes-headcount-as-startups-around-the-world-gird-for-nuclear-winter","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/swvl-slashes-headcount-as-startups-around-the-world-gird-for-nuclear-winter\/","title":{"rendered":"Swvl slashes headcount as startups around the world gird for nuclear winter"},"content":{"rendered":"

<\/a> Swvl cuts headcount by a third:<\/strong> Nasdaq-listed mass transport startup Swvl is laying off 32% of its staff in a bid to turn cash flow positive by next year, it said in a statement<\/a> yesterday. Around 400 jobs will be cut as the company looks to reduce costs, CFO Youssef Salem told us.<\/p>\n

Many (many) in Silicon Valley are preparing for the worst:<\/strong> Swvl\u2019s decision comes just weeks after high-profile Silicon Valley incubator Y Combinator warned founders to consider drastic action<\/a> ahead of what many fear could be a recession in the US (and many other markets) and a slowdown in global economic growth. We\u2019ve noted in the past month nearly a dozen high-profile US startups that have left people go \u2014 from PayPal to Snap and Instacart. TechCrunch estimates that more than 15k people at startups were let go this past month<\/a>.<\/p>\n

Where will the axe fall at Swvl?<\/strong> The layoffs will take place in the company\u2019s engineering and product and support functions, where many roles can now be automated, the company said. All employees affected have all been notified of their termination and the company said it is offering support to help them \u201ctransition\u201d to new jobs.<\/p>\n

The cuts are happening \u201cproportionately\u201d across its markets<\/strong>, with a slightly higher percentage of layoffs in Pakistan, Salem said. The company\u2019s Egypt office is currently its largest, with more than 500 employees. It employs 300 people in Pakistan, and more than 150 at its headquarters in Dubai.<\/p>\n

Swvl is also cutting routes:<\/strong> The company plans to end some of its unprofitable intercity routes \u2014 outside of Egypt \u2014 as part of its efforts to optimize operations, Salem said.<\/p>\n

Keep calm: \u201cThe company will not be shutting down any markets,\u201d<\/strong> Salem said, reiterating that the decision is \u201cless about putting a certain number of people in an office, and more about trying to find as much efficiency in terms of optimization and automation as possible.\u201d Its transport-as-a-service (TaaS) and software-as-a-service (SaaS) segments are \u201cgrowing rapidly,\u201d and it will continue to focus on its B2C activities in Egypt and Pakistan, which contribute the most to the company\u2019s B2C revenues, the statement said.<\/p>\n

Earnings watch:<\/strong> Swvl had previously planned to turn to the black by 2024<\/a>, but has moved up its timeline to next year since listing on the Nasdaq, Salem said. The company\u2019s revenues are expected<\/a> to reach USD 141 mn this year, an almost 80% y-o-y increase from 2021, before almost tripling y-o-y in 2023.<\/p>\n

A buying spree: <\/strong>Swvl recently expanded into Europe with its acquisition of Turkish firm Volt Lines<\/a> and mobility platform Shotl<\/a>. It also recently took a controlling stake in transit company Viapool<\/a>, which operates in Argentina and Chile, and entered Central Europe with its acquisition of German company Door2Door<\/a>.<\/p>\n

The shift towards profitability has become important to the company in <\/strong>light of the powerful headwinds currently affecting global markets<\/strong>, Salem said. Tech companies and blank-check firms have been particularly hard hit this year as rising interest rates reverse the easy conditions of the covid era and put pressure on growth stocks. US-listed stock stocks have plunged into a bear market in what has become the worst year on record for the Nasdaq.<\/p>\n

Swvl has not been spared:<\/strong> Swvl\u2019s shares have halved in value since it debuted on the Nasdaq<\/a> via a SPAC merger in April. The company\u2019s share price fell 0.6% to USD 4.89 on Friday, leaving it down 50% from its USD 9.95 IPO price.<\/p>\n

The SPAC-opalypse only seems to be getting worse: <\/strong>More than 10%<\/a> of all the SPACs that listed during the so-called SPAC boom \u2014 between 2020 and 2021 \u2014 have issued \u201cgoing-concern\u201d warnings, which indicates that they are likely to go bust within 12 months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Swvl cuts headcount by a third: Nasdaq-listed mass transport startup Swvl is laying off 32% of its staff in a bid to turn cash flow positive by next year, it said in a statement yesterday. Around 400 jobs will be cut as the company looks to reduce costs, CFO Youssef Salem told us. Many (many) […]<\/p>\n","protected":false},"author":1,"featured_media":546850,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[928,72,95,123,507],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-employment","tag-enterpriseam","tag-startup-watch","tag-startups","tag-swvl","wpautop","entry"],"acf":{"mongo_id":"1c783ee0-2afb-4dfd-802d-3296cbbf08c4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/411.jpg","photo_position":"above","related_issue":[546843],"teaser":"","voice_url":""},"yoast_head":"\nSwvl slashes headcount as startups around the world gird for nuclear winter - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/swvl-slashes-headcount-as-startups-around-the-world-gird-for-nuclear-winter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swvl slashes headcount as startups around the world gird for nuclear winter\" \/>\n<meta property=\"og:description\" content=\"Swvl cuts headcount by a third: Nasdaq-listed mass transport startup Swvl is laying off 32% of its staff in a bid to turn cash flow positive by next year, it said in a statement yesterday. 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The funding is led by regional venture fund BECO Capital, alongside Africa-based investor DiGAME, global\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/4\/1706.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622003,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/25\/swvl-valued-at-usd-100-mn\/","url_meta":{"origin":546849,"position":2},"title":"Swvl valued at USD 100 mn?","author":"enterpriseam admin","date":"25 November 2018","format":false,"excerpt":"INVESTMENT WATCH- Swvl valued at USD 100 mn in series \u2018B\u2019 funding round? Mass transit app Swvl raised \u201ctens of mns of USD\u201d in Series \u2018B\u2019 funding from new and existing investors, CEO and co-founder Mostafa Kandil told Reuters on Thursday. While he did not disclose size of the round\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/4\/1706.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623272,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egypts-hitchhiker-closes-usd-200k-angel-round-swvl-gets-some-international-ink\/","url_meta":{"origin":546849,"position":3},"title":"Egypt\u2019s HitchHiker closes USD 200k angel round, Swvl gets some international ink","author":"enterpriseam admin","date":"25 October 2018","format":false,"excerpt":"** #6 Egypt\u2019s HitchHiker raises USD 200k in seed round: Cairo-based international shop-and-ship (with a twist) startup HitchHiker has secured USD 200k in seed funding from unnamed Dubai-based angel investors, the company said on its Facebook page. Founded last year by CEO Hussein El-Terawy and CTO Hassan Selim, the startup\u2019s\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":619470,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/02\/swvl-swings-to-profitability-in-2023\/","url_meta":{"origin":546849,"position":4},"title":"Swvl swings to profitability in 2023","author":"enterpriseam admin","date":"2 May 2024","format":false,"excerpt":"The turnaround comes following a tumultuous year where the startup received two delisting warnings from Nasdar","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/83.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548203,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/31\/swvl-has-terminated-its-acquisition-of-uk-based-zeelo-due-to-market-volatility\/","url_meta":{"origin":546849,"position":5},"title":"Swvl has terminated its acquisition of UK-based Zeelo due to \u201cmarket volatility\u201d","author":"enterpriseam admin","date":"31 July 2022","format":false,"excerpt":"Swvl\u2019s acquisition of UK-based smart bus platform Zeelo is off: Cairo-born mass transport app Swvl will not be acquiring UK startup Zeelo, after the two companies said they were calling off the transaction due to turmoil in financial markets, Swvl announced in a filing to the US Securities and Exchange\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/316.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546849"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546849\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546843"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546850"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546849"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546849"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}