RIYADH: SWVL, the Dubai-based transport startup, plans to reduce its current workforce by 32 percent to increase profits in 2023, WAMDA reported.
The Nasdaq-listed company, which was founded in Egypt, is aiming to layoff teams that are responsible for functions that have been automated following investments into engineering, product, and support functions.
The company that offers transport as a service and software as a service is currently operating in 4 continents with $5 million in monthly revenues.
SWVL has been in an acquisition frenzy since last year by acquiring four international startups from different continents.
