Dubai: The ride-hailing service platform for mass transport, Dubai-based Swvl Holdings, will reduce headcount and aim to get more B2C revenues coming in from Egypt and Pakistan as part of a strategy to become cashflow positive in 2023.
Swvl, which is listed on Nasdaq New York, will also ‘optimise’ route networks in ‘certain cities’ as well as on headcount and operating expenses.
There will also be a reduced headcount by approximately 32 per cent – “such reductions will focus on roles which have been automated by investments in the company’s engineering and product and support functions,” the company said in a statement. “Swvl plans to provide monetary, non-monetary and job placement support to help with the transition of certain of its employees to new roles.”
Swvl provides tech-enabled transportation for corporates, schools, universities, industrial facilities, airlines and other institutional clients. Under its Software as a Service (SaaS) business, Swvl licenses its technology to transit agencies, bus operators and other high-capacity vehicles fleet owners and users, are both growing rapidly.
Swvl has more than 500 live accounts across four continents with more than $5 million in monthly revenues. “The recent acquisitions of TaaS and SaaS businesses Viapool, Volt Lines and Shotl and pending acquisition of door2door contribute to this growth,” the statement said.
