{"id":547956,"date":"2022-07-20T03:41:34","date_gmt":"2022-07-20T03:41:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/20\/swvl-suspends-service-in-alexandria\/"},"modified":"2022-07-20T03:41:34","modified_gmt":"2022-07-20T03:41:34","slug":"swvl-suspends-service-in-alexandria","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/20\/swvl-suspends-service-in-alexandria\/","title":{"rendered":"Swvl suspends service in Alexandria"},"content":{"rendered":"

<\/a> Bye, Alexandria:<\/strong> Cairo-born mass transport app Swvl has suspended all its routes within the city of Alexandria as part of ongoing efforts to cut costs, Swvl CFO Youssef Salem confirmed to Enterprise. The company announced in May<\/a> a raft of measures to reduce overheads in a bid to turn cashflow-positive in 2023, including slashing a third of its workforce, imposing cuts on executive pay, and scrapping unprofitable routes.<\/p>\n

You can still use Swvl to get to \u2014 and in some cases around \u2014 Alex:<\/strong> Intercity routes between Cairo and Alexandria will continue, Salem said \u2014 and you can use those routes to get around in Alex, Salem said. \u201cOn a Cairo-Alexandria route, there will be multiple stops inside Alexandria and you can book any segment on the trip from any stop to another,\u201d he explained. Swvl will also still run its B2B service for private companies in the city, he said.<\/p>\n

Swvl could resume its Alex service next year<\/strong> \u201conce we turn profitable,\u201d Salem said, adding that the Cairo intracity service has been more profitable for the app than that in Alexandria.<\/p>\n

Your Sahel vacation is not canceled: <\/strong>Swvl\u2019s decision will not impact routes to and from Sahel, Salem said. \u201cCairo-Sahel routes are separate as they take the Wadi Al Natroun route [so] they don't go to Alexandria,\u201d he said.<\/p>\n

There will be no further job cuts on the back of the move: <\/strong>All of Swvl\u2019s intracity Alexandria drivers will be moved to intercity B2C, and B2B routes, Salem said.<\/p>\n

The company is not planning to make any further cuts to routes in Egypt<\/strong>, he said. Cairo is now the only city in which Swvl operates intracity routes, while the company continues to operate intercity B2B and B2C trips in all other governorates, he added.<\/p>\n

Swvl is trying to become a leaner machine amid tough times for tech startups. <\/strong>The app\u2019s shares have plunged by over 75% since it debuted on Nasdaq in April, as tech stocks bear the brunt of rising risk-off sentiment in global markets. The company is now trying to focus on its most profitable transport-as-a-service (TaaS) and software-as-a-service (SaaS) streams in its relatively higher-earning markets.<\/p>\n

But there\u2019s no rest for acquisitions:<\/strong> The news comes days after Swvl announced its fourth acquisition<\/a> of the year. The company bought Mexico-based transport firm Urbvan Mobility in a share-swap agreement, giving it access to the second most populated country in Latin America. The company has continued to pursue global expansion through acquisitions of competitors in Spain<\/a>, Chile and Argentina<\/a>, Turkey<\/a>, Germany<\/a>, and the UK<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bye, Alexandria: Cairo-born mass transport app Swvl has suspended all its routes within the city of Alexandria as part of ongoing efforts to cut costs, Swvl CFO Youssef Salem confirmed to Enterprise. The company announced in May a raft of measures to reduce overheads in a bid to turn cashflow-positive in 2023, including slashing a […]<\/p>\n","protected":false},"author":1,"featured_media":547957,"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":[7261],"tags":[72,2074,507,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transport","tag-enterpriseam","tag-north-coast","tag-swvl","tag-transport","wpautop","entry"],"acf":{"mongo_id":"ac7d324a-5688-46b7-a6d1-dac8aa9c0688","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/207.jpg","photo_position":"above","related_issue":[547948],"teaser":"","voice_url":""},"yoast_head":"\nSwvl suspends service in Alexandria - 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\/07\/20\/swvl-suspends-service-in-alexandria\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swvl suspends service in Alexandria\" \/>\n<meta property=\"og:description\" content=\"Bye, Alexandria: Cairo-born mass transport app Swvl has suspended all its routes within the city of Alexandria as part of ongoing efforts to cut costs, Swvl CFO Youssef Salem confirmed to Enterprise. 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The company plans to make use of idle tour buses hired out from tour companies to operate cheap bus routes across Cairo.\u2026","rel":"","context":"In "ON YOUR WAY OUT"","block_context":{"text":"ON YOUR WAY OUT","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-your-way-out\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":547956,"position":5},"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. 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