Dubai-based ride sharing firm Swvl to slash headcount by a third

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Swvl Holdings Corp., a Dubai-based ride sharing firm, plans to reduce headcount by 32 per cent as part of efforts to turn cash flow positive by next year. Swvl has announced a spree of deals over the past few months, including Volt Lines – its fourth acquisition since August. It purchased Berlin-based mobility startup Door2door in March, mass transit company ViaPool in November, and Shotl, an on-demand ride service that uses shuttle buses, in August. Swvl was co-founded by Mostafa Kandil, a former Rocket Internet executive who also worked with Careem, which is now owned by Uber Technologies. The ride-sharing firm made its debut on the Nasdaq Stock Market on April 1 after merging with blank-check company Queen’s Gambit Growth Capital.

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