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    KCB Group PLC reports KES 9.8 billion profit after tax in Q1 2023

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    Report: Kenyan millennials and Gen Zs want more media coverage on money and empowerment

    Report: Kenyan millennials and Gen Zs want more media coverage on money and empowerment

    Former Head of Public Service Joseph Kinyua takes over as KCB Group Chairman

    Former Head of Public Service Joseph Kinyua takes over as KCB Group Chairman

    Isuzu East Africa launches special edition D-Max in honor of Eliud Kipchoge

    Isuzu East Africa launches special edition D-Max in honor of Eliud Kipchoge

    KCB Group shareholders to pocket KES 3.2 billion final dividend

    KCB Group shareholders to pocket KES 3.2 billion final dividend

    KCB Group PLC reports KES 9.8 billion profit after tax in Q1 2023

    KCB Group PLC reports KES 9.8 billion profit after tax in Q1 2023

    Kenyan students win global tech prize with hearing app

    Kenyan students win global tech prize with hearing app

    OpenAI leaders call for coordination and safety in superintelligence development

    OpenAI leaders call for coordination and safety in superintelligence development

    Google adds 8 new African countries to its Flood Hub platform

    Google adds 8 new African countries to its Flood Hub platform

    Safaricom to carry out system maintenance for 5 hours on Saturday night

    Safaricom to carry out system maintenance for 5 hours on Saturday night

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

    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

    Laptop buying mistakes you should avoid

    Laptop buying mistakes you should avoid

    Lenovo X1 Carbon 5th Generation Review: just good enough

    Lenovo X1 Carbon 5th Generation Review: just good enough

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    Google unveils new Pixel devices with foldable phone and tablet

    Google unveils new Pixel devices with foldable phone and tablet

    Samsung launches affordable Galaxy A-series in Kenya with flexible payment options

    Samsung launches affordable Galaxy A-series in Kenya with flexible payment options

    Xiaomi launches Redmi Note 12 Series in Kenya, starts at KES 21,999

    Xiaomi launches Redmi Note 12 Series in Kenya, starts at KES 21,999

    TECNO announces pre-orders for its first foldable smartphone in Kenya

    TECNO announces pre-orders for its first foldable smartphone in Kenya

    Oppo Reno 8T 5G launched in Kenya for KES 49,999

    Oppo Reno 8T 5G launched in Kenya for KES 49,999

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

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

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    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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    Safaricom slashes prices of 4G Wi-Fi routers by 40%

    How to apply for the new generation number plates in Kenya

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    How to write prompts for Midjourney, from text to image

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    How to use ChatGPT and get the most out of it

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    Samsung’s Freestyle Projector now available to purchase in Kenya

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    WhatsApp introduces Chat Lock feature to protect private conversations

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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.

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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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