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    Reed Hastings steps down as Netflix CEO

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    High Court orders suspension of bank to MPesa charges

    High Court orders suspension of bank to MPesa charges

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    YouTube to allow creators to monetize Shorts content starting February 1

    YouTube to allow creators to monetize Shorts content starting February 1

    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

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    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Complete list of Macs that will run macOS Ventura

    Complete list of Macs that will run macOS Ventura

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

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    Laptop buying mistakes you should avoid

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    Lenovo X1 Carbon 5th Generation Review: just good enough

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    Samsung’s Galaxy S23 Unpacked event: All you need to know

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    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

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    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    All you need to know about the new iPhone 14 lineup

    All you need to know about the new iPhone 14 lineup

    Xiaomi 12S Series flagship features a huge 1-inch sensor

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    Samsung’s Freestyle Projector now available to purchase in Kenya

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    Blue, Gold and Grey: Twitter starts rolling out distinct verification marks

    Twitter is planning to start charging $20 a month for verification

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SWVL to lay off one-third of its workforce in a push for profitability

Brian Murimi by Brian Murimi
May 31, 2022
in News
Reading Time: 3 mins read
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SWVL to lay off one-third of its workforce in a push for profitability
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Mobility startup Swvl has announced plans to lay off a third of its workforce in a move meant to save the business from higher costs and uncertainty.

In a message to employees, the CEO, Mostafa Kandil, blames collapsing stock markets for causing a global crisis with unanticipated implications, particularly in recent weeks, when Swvl, like others throughout the world, has been slapped with changes to its financial realities.

“While change is often unexpected, we believe that any attempt to resist it instead of adapting to it will prove futile. Today, with the current global economic downturn, as much as we did everything we could to put people first, we now know that we are not able to keep everyone unimpacted. We know we have to make tough decisions in order to prioritize profitability over growth to ensure that Swvl thrives once we are on the other side of this.” the CEO, Mostafa Kandil said.

Swvl is pursuing a portfolio optimization program to focus on its highest profitability businesses, improve efficiency, and minimize central costs in order to attain profitability within the next year. The company is also trying to capitalize on the most profitable operations, such as TaaS and SaaS, which now have over 500 contracts in over ten countries and generate up to $5 million in revenue every month.

KEEPREADING

Several Rivian R1T trucks spotted in Kenya

Swvl pauses daily intra-city and inter-city rides amid lay offs

Besides voluntarily deducting salaries of the top management team, the company has also reduced the current office space, frozen its current hiring program, frozen travel and hotel expenses, and tied expenditures to critical business requirements.

The proposed layoffs, according to the company, will affect teams responsible for functions that have been automated as a result of investments in engineering, product, and support services.

“To those who will leave, I would like to say I am sorry. And more importantly, this is not your fault. You will forever be part of Swvl, and our door will always be open to you in the future. We are incredibly lucky and grateful to have worked with such remarkable talent that many companies would be fortunate to have.” read part of the statement.

SWVL operates in 13 countries throughout the world, including the UAE, Egypt, Kenya, Germany, Spain, Italy, Switzerland, Turkey, Japan, Argentina, Saudi Arabia, Jordan, and Pakistan.

The company outlined this send-off package to ease the transition of the affected employees.

Severance: All impacted employees to receive severance based on gross salary and complete cash payout

Provident Fund, Gratuity & Leave encashment other legal payments

All RSU to be considered vested

Expense claims/OPD claims to be cleared

All Final Settlements to be taxed as per local requirement

Payout Transfer to be complete in the next 21 days

Medical Insurance: to be extended for all entitled employees

Stock Options: all unvested stocks for impacted employees to continue to vest as per schedule

Alumni Directory: an alumni network directory to support our impacted workforce

No interview policy for rejoiners

Laptops to be retained by employees subject to data security requirements

Tags: DubaiEVsJobsNairobi ExpresswaySwvlTransport
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Brian Murimi

Brian Murimi

Brian is the founding geek at the Netick. A tech enthusiast skilled in journalism, media relations, multi-platform broadcasting, and social media. Write to him via bryanmurimi@gmail.com

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