Ride-hailing provider Swvl is to reduce its headcount by 32 percent as it looks to turn cash flow positive next year.
The planned staff reductions will focus on roles that have been automated following investment in engineering, product and support functions.
“Swvl plans to provide monetary, non-monetary and job placement support to help with the transition of certain of its employees to new roles,” a statement from the company said.
The company, based in Cairo and Dubai, announced they would go public via a $1.5 billion SPAC merger last July.
Swvl’s initial offering enabled users to book seats on buses running a fixed route, and its services have expanded to offering inter-city rides, car ride-sharing and corporate services. The company, which operates in 115 cities in 18 countries across four continents, offers transport as a solution (TaaS) and software as a service (SaaS) solutions.
According to a statement, the company’s profitability plans include continued growth of its TaaS and SaaS business, a focus on the B2C business in Egypt and Pakistan, optimisation of B2C route networks, and continued investment in developing Swvl’s proprietary technology stack.
Swvl was founded in 2017 and received early funding from Careem.
