Egypt-born and Dubai-headquartered mobility startup SWVL is planning to lay off 32% of its workforce, it said in a statement today.
The company’s LinkedIn profile shows it has over 1,330 employees. Letting go of over 30% of its workforce means that around 400 people will lose their job at the mobility company.
Tech companies, private and public, have faced a reckoning in the past few months with their valuations taking a beating. The effect of an economic downturn has also affected their finances leading them to cut costs; the top of the list is letting go of employees.
This down …
