{"id":577443,"date":"2022-11-23T04:00:47","date_gmt":"2022-11-23T04:00:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/more-swvl-layoffs-as-company-continues-quest-to-turn-cashflow-positive\/"},"modified":"2022-11-23T04:00:47","modified_gmt":"2022-11-23T04:00:47","slug":"more-swvl-layoffs-as-company-continues-quest-to-turn-cashflow-positive","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/more-swvl-layoffs-as-company-continues-quest-to-turn-cashflow-positive\/","title":{"rendered":"More Swvl layoffs as company continues quest to turn cashflow positive"},"content":{"rendered":"

<\/a> Swvl hands out more pink slips:<\/strong> Cairo-born mass transport app Swvl carried out a second wave of layoffs, Bloomberg Asharq<\/a> reports, citing a number of people who have recently been let go. Swvl had already let go a third of its global workforce<\/a> this year amid tough economic conditions but the company has now been forced to make further cuts in a bid to stem losses. The company is yet to release an official statement and company representatives did not respond to requests for comment when we reached out yesterday.<\/p>\n

We don\u2019t yet know the scope of the fresh job cuts \u2014 but they look to have been deep:<\/strong> Employees we spoke with suggest the scale of the cuts could be larger than in May. \u201cIt is much worse this time around \u2026 the product team is all gone and around 85% of the engineering team has been let go,\u201d one current employee told Enterprise. \u201cThey\u2019re keeping the teams in Europe,\u201d they added. Asharq quotes one employee who was let go on Sunday as saying that 90% of the Cairo office had been laid off, though another source said that figure was exaggerated. The layoffs also hit Swvl employees in the UAE and Pakistan, according to the news outlet.<\/p>\n

It has been a tough 2022 for the company:<\/strong> A period of rapid expansion at Swvl that culminated in its Nasdaq debut<\/a> in April has in recent months given way to austerity, as tightening financial conditions and economic uncertainty batter the company\u2019s share price and losses widen. Despite solid revenue growth, Swvl\u2019s losses doubled<\/a> during the first six months of the year due to rising expenses and costs relating to its Nasdaq listing, forcing the company to lay off employees, reduce executive pay and cut back routes. In July, the company\u2019s full-year forecast<\/a> was for losses to double to USD 90 mn.<\/p>\n

Cashflow-positive <\/strong>by next year?<\/strong> That was Swvl\u2019s declared target<\/a> when it announced its first round of job cuts back in May. The company\u2019s revenues are expected to rise almost 80% this year before almost tripling y-o-y in 2023.<\/p>\n

Swvl is hoping to keep its place on Wall Street:<\/strong> The tumbling value of Swvl shares has left the company faced with being delisted from the Nasdaq. Shares have crashed more than 95% since it made its debut in April, and have traded below the exchange\u2019s USD 1.00 minimum threshold since the third week of September. The Nasdaq informed the company<\/a> this month that it has until 1 May 2023 to raise its share price above USD 1.00 or risk being ejected from the bourse.<\/p>\n","protected":false},"excerpt":{"rendered":"

Swvl hands out more pink slips: Cairo-born mass transport app Swvl carried out a second wave of layoffs, Bloomberg Asharq reports, citing a number of people who have recently been let go. Swvl had already let go a third of its global workforce this year amid tough economic conditions but the company has now been […]<\/p>\n","protected":false},"author":1,"featured_media":577444,"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":[72,95,507,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-startup-watch","tag-swvl","tag-transport","wpautop","entry"],"acf":{"mongo_id":"ffd2a6b9-3154-44b3-b23f-18d802441873","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/352.jpg","photo_position":"above","related_issue":[577438],"teaser":"","voice_url":""},"yoast_head":"\nMore Swvl layoffs as company continues quest to turn cashflow positive - 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\/11\/23\/more-swvl-layoffs-as-company-continues-quest-to-turn-cashflow-positive\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More Swvl layoffs as company continues quest to turn cashflow positive\" \/>\n<meta property=\"og:description\" content=\"Swvl hands out more pink slips: Cairo-born mass transport app Swvl carried out a second wave of layoffs, Bloomberg Asharq reports, citing a number of people who have recently been let go. 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Around 400 jobs will be cut as the company looks to reduce costs, CFO Youssef\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/411.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":650129,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/16\/startup-swvl-the-uber-for-buses\/","url_meta":{"origin":577443,"position":2},"title":"Startup SWVL: the Uber for buses","author":"enterpriseam admin","date":"16 March 2017","format":false,"excerpt":"Transportation startup SWVL (pronounced swivel) has apparently found a way to profit off of the tourism slump while claiming to provide quality cheap transport, Daily News Egypt reports. 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":630552,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/24\/swvl-sees-the-largest-funding-round-in-egypt-tech-startup-history\/","url_meta":{"origin":577443,"position":3},"title":"Swvl sees the largest funding round in Egypt tech startup history","author":"enterpriseam admin","date":"24 April 2018","format":false,"excerpt":"INVESTMENT WATCH- Swvl closes the largest funding round in Egypt tech startup history: Mass transit ride-hailing app Swvl received USD 8 mn in Series A funding, the company said in a statement on Monday (pdf). 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":577443,"position":4},"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":619470,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/02\/swvl-swings-to-profitability-in-2023\/","url_meta":{"origin":577443,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577443","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=577443"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577443\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577438"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577444"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577443"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577443"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}