Swvl Holdings, the Egypt-born tech-enabled mass transit solutions provider, reported that it is implementing further measures as part of its previously announced “portfolio optimization program” to reduce costs.
These further measures will include:
- Focusing on the largest markets which contribute the majority of Swvl’s revenues, primarily in Egypt and Mexico.
- Reducing the headcount by over 50%
- Reducing operating expenses across central costs and all markets including aggressive cost-cutting in discretionary spendings such as marketing expenses and other third-party services.
News outlets have reported that Swvl has shut down its operations in Pakistan but the company did not state anything regarding that or comment on the matter.
“Swvl is taking these measures amid the continuing uncertainty in the global economic environment and volatility in capital markets, which potentially impact Swvl’s ability to generate sufficient cash from operating activities and external financings to fund working capital and service its commitments,” the Swvl Holdings’ statement read.
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