More layoffs at SWVL as company risks delisting from NASDAQ

More layoffs at SWVL as company risks delisting from NASDAQ

Mirroring its global peers, Egypt-born and UAE-based mass mobility startup SWVL is bracing itself for drastic monetary belt-tightening policies and restructuring operations, pulling the trigger on large layoffs across some of its markets over the past couple of weeks, with further employees expected to leave the company in the coming period. 

SWVL’s team in its founding country is bearing the brunt of these redundancies. Former employees are taking to social media asking for job opportunities, CVs are being forwarded through Whatsapp groups and virtual events have been organised to help connect affected employees with potential employers. 

Besides Egypt, the recent round of layoffs has reportedly impacted the company’s teams in Dubai and Pakistan as well. The cuts include staffers from multiple departments, including tech and HR teams, according to a former employee at SWVL, who asked not to be named. 

"Up until a few days ago and before we were notified about the cuts, all departments were functioning normally. So far, no one knows what will happen next," they said.

The exact number of employees affected has not yet been announced by the publicly-listed company.

This is the second round of layoffs for the Nasdaq-listed company, which unveiled plans